Barbados and Dominica to collaborate on pilot project to push private sector

Barbados island is engaging its services of the International Financial Corporation - IFC in partnership with the Commonwealth of Dominica, as the two countries endeavour to begin on a pilot project to push private sector investment in resilience.

Dominica: Barbados island is engaging its services of the International Financial Corporation – IFC in partnership with the Commonwealth of Dominica, as the two countries endeavour to begin on a pilot project to push private sector investment in resilience.

Avinash Persaud -chairman of the CARICOM commission on the economy, gave the update on the collaboration on Wednesday during an online conference. He stated that “Many citizens and private sector companies have written off the 15 member bloc due to the lack of progress being made in executing numerous projects.”

With this, he also assured that with the latest report, it would not be business as general, and he asserted, “CARICOM has appeared united for too long, and they don’t believe anything good would come of CARICOM. That is a powerful position perhaps more held in Jamaica island, but it is quite typical across the province, especially among the business people.”

Following his statement, he insisted that “Progress was now being made, as he underlined ongoing discussions between the CARICOM and the region’s telecommunications operators for- single roaming rate and the drafting of an intensified cooperation protocol where five nations can move ahead with implementation of a proposal without needing the support from other members.”

Persaud also disclosed that “Dominica was working with Barbados and with the -IFC to develop potential projects for such an investment. So both the nations are going through a pilot scheme with the – IFC, where they are going to proceed with a list of private sector projects to generate revenues continuing that those projects would be sustainable.”

“So that we can then build the growth and resilience bond we are talking about, which would be investing in anything above a particular rating that an independent body has determined the sustainability rating. So here you have a tool to help the private sector investing in resilience and sharing that resilience burden,” he cited.