Exiting The IMF: How Jamaica Became The Monetary Fund's New Posterboy

THE STAR BUSINESSWEEK OCTOBER 19, 2019

WWW.STLUCIASTAR.COM

EXITING THE IMF: HOW JAMAICA BECAME THE MONETARY FUND’S NEW POSTERBOY After more than five decades of economic ups and downs, Jamaica’s rocky relationship with the International Monetary Fund (IMF) is drawing to a close. “Jamaica has reached a place where [the IMF] doesn’t need to be here all the time. We are taking the back seat and Jamaica is in the driver’s seat. We believe Jamaica is ready to exit the IMF and run its own business,” IMF Resident Representative Dr Constant Lonkeng Ngouana told a public forum in Kingston this summer.

IN THIS EDITION OF

SBW THE STAR BUSINESSWEEK

Corporate Conscience

When Hurricane Dorian finally finished battering the northern islands of the Bahamas in September, the country was left unrecognisably devastated.

The Grand Bahama and Abaco islands were hardest hit, flattened and flooded, leaving over 70,000 homeless and resulting in a death toll that is currently over 50 and rising.

Pages 3 & 7

BY CATHERINE MORRIS, STAR BUSINESSWEEK CORRESPONDENT

New Era in the Caribbean Film Industry

Continued on page 4

Prime Minister of Jamaica Andrew Holness delivers opening remarks at the 2017 High Level Caribbean Forum, Unleashing Growth and Strengthening Resilience, in Jamaica.

(Photo courtesy IMF/Alex Curro )

Today the reach of media is truly global.

Once upon a time it could take weeks or months for a film to be released worldwide; today same-day releases across the planet are common.

Likewise, TV shows that once needed freighting to get from country to country now frequently have the latest episode premiered just hours after first showing in its place of origin.

Page 5

Pirates of the Caribbean

2

THE STAR BUSINESSWEEK

OCTOBER 19, 2019

INTERNATIONAL RELATIONS

WWW.STLUCIASTAR.COM

The STAR Businessweek PROUDLY PRODUCED BY STAR PUBLISHING CO (1987)

ST. VINCENT’S SERVICE TO THE UNITED NATIONS SECURITY COUNCIL

BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT

St. Vincent and the Grenadines has made history with its election to the UN Security Council.

Now what will the nation do with its newfound power? (Source: Pixabay)

W

hen the United Nations 20202021 term begins, St. Vincent and the Grenadines will make history in several ways. For the nation of just over 100,000, it will be the first time it has sat on the UN Security Council.

Its election in June of this year is also historic as St. Vincent is the smallest nation in population to be elected to the Security Council. These facts are rightfully now points of pride for the country’s citizens.

St. Vincent will hold a place on the Security Council for two years as a non-permanent rotating member of the world’s most important diplomatic body.

So what may St. Vincent hope to achieve with its newfound diplomatic weight?

And what contribution could St. Vincent make to the international community in its new role?

VOICE FOR THE CARIBBEAN AND LATIN AMERICA St. Vincent’s candidacy was endorsed by the Group of Latin America and the Caribbean at the UN (GRULAC), and cheered on by CARICOM, with the nation becoming the fourth member state to win a term on the Security Council. High expectations are therefore placed on Kingstown to be a leading voice for regional issues, especially

surrounding the threat posed by climate change to Small Island Developing States (SIDS).

As well as the risk of rising sea levels, St. Vincent has also known the carnage of hurricanes and the anguish of droughts.

Those in the Caribbean understand that a natural disaster’s impact isn’t confined to the initial stage but has a painful period of recovery that can stretch for years.

Accordingly, St. Vincent could be a powerful champion for a more responsive UN to these crises in the region. However, such a pursuit won’t be simple, especially given St. Vincent’s unique national relationships and the outlook of other members of the Security Council to climate change.

ST. VINCENT’S NATIONAL GOALS AND THE DYNAMICS OF THE UN SECURITY COUNCIL St. Vincent is one of the few states that retains formal diplomatic relations with Taiwan. The deepening of ties between the two nations, including the opening of a St. Vincentian embassy in Taiwan during Prime Minister Ralph Gonsalves’s visit there in August, is surely valued by Taipei, especially given China’s recent success in enticing countries to switch sides and recognise Beijing.

The significance of the UN victory was not lost on Taipei, with Taiwan’s Continued on page 6

CORPORATE SOCIAL RESPONSIBILITY

THE STAR BUSINESSWEEK

OCTOBER 19, 2019

WWW.STLUCIASTAR.COM

CORPORATE CONSCIENCE

BY CATHERINE MORRIS, STAR BUSINESSWEEK CORRESPONDENT

W

hen Hurricane Dorian finally finished battering the northern islands of the Bahamas in September, the country was left unrecognisably devastated.

The Grand Bahama and Abaco islands were hardest hit, flattened and flooded, leaving over 70,000 homeless and resulting in a death toll that is currently over 50 and rising.

In the wake of the tragedy, regional and international charities, agencies and governments scrambled to help – lending resources, supporting rescue efforts and donating much-needed funds. Joining the recovery efforts were some of the biggest names in Bahamian tourism. Royal Caribbean, Sandals and the Bahamian megaresorts Atlantis and Baha Mar, all pledged their financial support as the country began the hard work of repair and restoration.

Corporate philanthropy is nothing new to the Caribbean, but its effect and influence is being felt in more and more sectors as the region’s challenges intensify. Big brands in a range of industries, from tourism to banking, are increasingly working with the third sector to spread the wealth, knowing that what’s good for the community, is also good for its private sector partners.

CSR Corporate Social Responsibility (CSR) is a business model built on sustainability. It recognises the power of businesses to affect social and environmental change, and their responsibility to do so.

But, of course, the private sector is motivated by profit, and corporations aren’t just embedding CSR into their infrastructure to prove their ethical credentials. As consumers become more aware, more discerning and more attuned to social justice issues, they are demanding more from the business world, holding companies accountable for their positions on a range of topics, from ethical sourcing to charitable donations.

A recent study from consulting firm Cone Communications found that 63 per cent of American consumers want business to drive social and environmental change, and 87 per cent will purchase a product because a company advocated for an issue they cared about. On the flip side of this, 76 per cent would refuse to purchase a product if they felt the

Colette Delaney, CEO and Chair of CIBC FirstCaribbean Foundation, speaks to staff at one of the bank’s branches in Barbados. (Photo courtesy CIBC FirstCaribbean)

company supported an issue contrary to their beliefs.

In the Caribbean, a strong culture of CSR can mean the difference between a business thriving or shutting its doors.

In small island economies, there is a narrower gap between corporations and the consumers they serve. Missteps are more apparent and good deeds do not go unnoticed.

REGIONAL EXAMPLES Royal Caribbean donated US$1 million, Baha Mar resort has set aside US$2 million, Atlantis Paradise Island and the Sandals Foundation established their own donation platforms. These key players in the Bahamas’ tourism industry were quick to respond to the Hurricane Dorian crisis, and other hotels soon followed suit as the Caribbean Hotel and Tourism Association launched the ‘Caribbean Hotels Unite for the Bahamas’ fundraising initiative.

But it doesn’t take a hurricane to inspire philanthropy in the hotel sector.

Sandals has been a long-term donor to the Caribbean through its non-profit wing, the Sandals Foundation, which was established in 2009. The Foundation is particularly active in Saint Lucia

with twenty in-country projects ranging from school programmes and entrepreneurship support to sports development, cancer care and environmental protection.

And it’s not just the tourism and hospitality sector that is intent on

Corporate Social Responsibility (CSR) is a business model built on sustainability.

It recognises the power of businesses to affect social and environmental change, and their responsibility to do so.

making a difference. CSR is also built into the culture of another regional economic pillar – financial services.

CIBC FirstCaribbean has been allocating funding to Caribbean causes since 2002, through the FirstCaribbean Foundation.

“Corporate Social Responsibility is an important focus for our bank,” says Colette Delaney, CEO and Chair of the FirstCaribbean Foundation. “We are serious about responding to the needs of our communities and are committed to giving back to the Caribbean in tangible ways. We believe it is vital to give back to the communities where we do business, and to play our part in ensuring the continued development of the region we call home.”

The bank’s charitable work follows four themes: health and wellness, staff volunteerism, youth and education and community/environment. Its activities in Saint Lucia include donating to children’s homes, supporting the Salvation Army’s daycare and preschool programmes and organising the annual cancer care event Walk for the Continued on page 7

3

4

THE STAR BUSINESSWEEK

OCTOBER 19, 2019

FISCAL MANAGEMENT

WWW.STLUCIASTAR.COM

EXITING THE IMF: HOW JAMAICA BECAME THE MONETARY FUND’S NEW POSTERBOY Continued from page 1

T

he country officially exits its IMF agreement next month and financial experts are hailing the break as a positive sign of Jamaica’s newfound economic maturity. So how exactly did the indebted Caribbean nation, whose public debt once reached almost 150 per cent of its GDP, claw back some measure of economic independence?

A ROCKY ROAD Jamaica received its first IMF loan in June 1963, just a year after the country gained independence, but it wasn’t until the 1970s that the devastating cycle of loandependence began. Then Prime Minister Michael Manley touted the importance of economic freedom and sought to build industry, reduce inequalities and improve the standard of living for all Jamaicans.

Unfortunately for Jamaica, the move towards fiscal resilience was doomed to fail in the face of surging oil prices and dwindling foreign exchange reserves.

Manley was forced to concede defeat and the country began borrowing to keep afloat. As its debt skyrocketed, the constant stream of IMF loans became more a means of keeping creditors at bay than stabilising the national balance sheet. To date, Jamaica has availed itself of 16 IMF agreements and has ‘failed’ most of them – often invoking an Extended Fund Facility (EFF) in order to renegotiate repayments.

In 2013, when Jamaica’s debt was at its peak, the country obtained a four-year US$932 million EFF (later replaced in 2016 by a US$1.6 billion Precautionary Stand-by Arrangement) which coincided with the launch of an Economic Reform Programme. Six years and two administrations later, it is widely acknowledged that 2013 was a turning point.

Former IMF Managing Director Christine Lagarde praised Jamaica for its efforts during those six years, saying: “Through two programmes [and] two different administrations with very strong commitment, you have managed to actually create jobs, reduce unemployment to the lowest level ever, reduce debt, stabilise inflation and accumulate reserves.”

Director of the Western Hemisphere Department of the IMF, Dr. Alejandro Werner added: “Budget discipline, combined with a reorientation of the fiscal system, including the shift from direct to indirect taxation pioneered by this government, has helped put public debt on a sustained downward path and also generate a fiscal and tax system that is more conducive to investment, growth and employment.”

REFORM AND RESULTS The praise heaped upon Jamaica may sound like institutional hyperbole, but the numbers don’t lie. The country’s unemployment is at an all-time low of

Former International Monetary Fund Managing Director Christine Lagarde chats with Prime Minister of Jamaica Andrew Holness. (Photo courtesy IMF/Alex Curro)

8 per cent, non-borrowed reserves are US$430 million above target and there was 1.7 per cent GDP growth in 2018 buoyed by gains in construction, mining and agriculture.

How did the government achieve this feat? Taking its cues from the Economic Growth Council, which included representatives from the private sector and trade unions, the government pursued

Former IMF Managing Director Christine Lagarde praised Jamaica for its efforts during those six years, saying: “Through two programmes [and] two different administrations with very strong commitment, you have managed to actually create jobs, reduce unemployment to the lowest level ever, reduce debt, stabilise inflation and accumulate reserves.”

a policy of reform and fiscal discipline.

After years of outdated tax structures, the government switched to a new model relying on indirect rather than direct taxation, therefore easing the burden on the private sector, encouraging new business and spurring development. As business confidence rose, unemployment dropped and consumer spending improved.

The government also reprioritized spending, diverting much-needed funds from the bloated public sector into infrastructure, housing, security, transportation networks and educational and health initiatives.

The work of the EGC in keeping stakeholders accountable and ensuring that all sectors of society had a voice in Jamaica’s recovery was commended by the IMF, with Lagarde noting that the success of reforms was due to “your own creativity, the way you have managed to embark everybody on that journey”.

NEXT STEPS For all the fanfare, Jamaica is not entirely out of the woods. The country is still shouldering a weighty debt that amounted to 95 per cent of its GDP in March 2019.

After decades of austerity, it’s critical that the country avoids backsliding and the IMF recommends strengthening domestic institutions to safeguard against this.

Delivering her review after a summer visit to Kingston, IMF Mission Chief for Jamaica Uma Ramakrishnan said:

“Enhanced central bank supervision and risk management practices at lending institutions will be critical to ensure careful assessment of risks to maintain financial stability. Looking ahead, having strong institutions in place will be critical to entrench the hard-earned gains from the economic reforms.”

To ensure stringent oversight, the Jamaican government has committed to establishing an independent fiscal council, creating the necessary infrastructure for natural disasters risk financing and reforming the Bank of Jamaica.

Although Jamaica’s current arrangement with the IMF comes to an end in November, the Fund will continue to provide technical support and its Kingston office will remain open for another two years.

For now the country is focusing on the big barriers to growth through measures to cut crime, invest in agriculture, improve education and facilitate private sector development. If it continues on its current trajectory, Jamaica aims to reduce its debt to a record 60 per cent of GDP by 2025-26.

Delivering this year’s budget, Minister of Finance Dr Nigel Clarke hit an optimistic note, telling parliament: “Economic independence means that we as a country are empowered to chart our economic destiny. We are a people of destiny, a nation of purpose.”

CARIBBEAN FILM INDUSTRY

THE STAR BUSINESSWEEK

OCTOBER 19, 2019

WWW.STLUCIASTAR.COM

NEW ERA IN THE CARIBBEAN FILM INDUSTRY

BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT

T

oday the reach of media is truly global. Once upon a time it could take weeks or months for a film to be released worldwide; today same-day releases across the planet are common. Likewise, TV shows that once needed freighting to get from country to country now frequently have the latest episode premiered just hours after first showing in its place of origin.

The production of media itself is one remaining area where the local industry and audience is critical. After all, even the best special effects will struggle to replicate Earth’s natural beauty.

Blockbuster movies like ‘Pirates of the Caribbean’, which filmed scenes in the waterways of Saint Lucia, and TV shows like ‘The Bachelor’, recently filmed in Curaçao, certainly showcase the beauty of the region as a backdrop.

Beyond the landscape, what can Caribbean nations glean from the experience of other countries around the world hosting international productions?

And what more can they do to ensure a real ROI anytime the cameras start rolling on a film in the region?

LIGHTS, CAMERA, PROFITS Northern Ireland’s capital of Belfast has had a difficult history. The Good Friday Agreement signed in 1998 did much to dissipate the conflict and start a new chapter for Northern Ireland, resulting in Belfast beginning to build a new tourism identity. As of 2019, and helped along by two media blockbusters, it has done so successfully.

Titanic Belfast is a visitor attraction that pays homage to local shipworkers who built the tragic vessel, and piggybacks off the 1997 blockbuster by James Cameron.

When it opened in 2012 it was expected to bring an extra US$38 million to the city’s economy in that year alone.

Then there has been the phenomenon of Game of Thrones. The Emmy Awardwinning TV show that ran for eight seasons before wrapping earlier this year was filmed across multiple locations in Northern Ireland, turning the country into a must-visit destination for fans. While filming, it was estimated that the series provided US$37 million to Northern Ireland’s tourism revenue each year, delivering up to 120,000 visitors annually.

Even though the series has now finished, it remains a very popular show, with plans in the works for a number of spin-offs.

BEHIND THE SCENES Beyond the British Isles, continental Europe shows a more complicated picture in drawing international productions.

There has been increased competition as EU nations have vied to make their film scene the most attractive in the region.

It helps explain why many films, such as ‘Mission Impossible: Fallout’, have had

Matrix’, ‘The Great Gatsby’, ‘Thor’ and ‘Aquaman’, have filmed substantial scenes in Australia. Such stints ensure that local production crews acquire industry-leading expertise that they can then reapply to local films or other projects abroad.

For local actors, such films offer a way to hone their skills on home ground and build visibility internationally After making a leap to Hollywood or a similar epicentre, they can return home from time to time in order to pursue films that are close to their cultural heart, or for independent projects financed with old friends.

Winston Duke of Trinidad & Tobago played a leading role in the January 2018 blockbuster Hollywood superhero film ‘Black Panther’ produced by Marvel Studios and distributed by Walt Disney Studios Motion Pictures. The film also starred other actors with Caribbean origins, including Guyanese and Grenadians. The film broke numerous records including the ninth highest grossing film of all time, with a worldwide total of US$1.34 billion.

substantial (and even predominantly) European settings.

The reach extends beyond ever-popular nations like the UK and France; the trend is spreading east on the continent.

In 2018 Romania announced what has been described as ‘Europe’s most generous film incentives’, with a planned cash rebate scheme providing for up to 45 per cent of a film’s budget for qualifying international pictures. Recent months have also brought news of Moscow’s plans to launch a cash rebate scheme similar to that of Romania, and other Eastern European nations like Hungary and Poland.

Northern Ireland’s experience has shown the benefits that international productions can bring to local tourism.

But it’s also important to be mindful of the challenges seen in wider Europe, especially the risk of a ‘race to the bottom’ that’s great for film makers but less beneficial to locals.

GETTING OUTCOMES INTO FRAME International film and TV production

done locally has the potential to benefit local creatives if pursued correctly.

For example, Australia has its own visual media industry and many visual creatives keen to pursue a career overseas, and is a great case study in how international productions can be harnessed to enhance the local industry. The nation has built a strong bridge to major media epicentres like Hollywood, and blockbusters, like ‘The

Costa Rica has rapidly built a strong local industry since the launch of its El Fauno production fund in 2015, seeing over a dozen films released in the first year of its operation.

RECORDING ENDURING BENEFITS Puerto Rico is always an obvious local candidate for American productions filmed internationally; the shared currency and laws guarantee it. Yet other islands in the region have also made a success of luring foreign film makers. Prior to the Dominican Republic introducing a 25 per cent transferable tax credit (and VAT exemptions), the nation averaged three or less locally-made films a year; now it’s as high as thirty per year.

Costa Rica has rapidly built a strong local industry since the launch of its El Fauno production fund in 2015, seeing over a dozen films released in the first year of its operation. Regardless of what international film makers may do, El Fauno has been credited with creating an entire generation of Costa Rican film makers.

Governments in the region must consider preferencing the home-grown option over enticing international productions if they really aspire to grow a strong local industry. Unlike Australia, the Caribbean is much closer to Hollywood, and other major media epicentres in Argentina, Mexico and Brazil.

LANGUAGES AND LOOKING TO ASIA Alongside the aforementioned, a particular advantage of the Caribbean region is that it is a melting pot of languages. This means that productions from Europe, and throughout the Americas, can invariably find locals who speak in a shared tongue.

Major investment in future films will increasingly be coming from the east, with funding of international productions by India’s Bollywood and the Chinese. Local nations looking to revive their industry, or begin a new one, will find that enticing Asian productions to local shores could prove very profitable.

5

6

THE STAR BUSINESSWEEK

OCTOBER 19, 2019

INTERNATIONAL RELATIONS

WWW.STLUCIASTAR.COM

ST. VINCENT’S SERVICE TO THE UNITED NATIONS SECURITY COUNCIL Continued from page 2

Foreign Minister Joseph Wu tweeting his congratulations and indicating that his nation had “every confidence you will successfully promote international peace & security”.

Although the addition of this seat gives St. Vincent new diplomatic sway in the world, it doesn’t change the economic importance of its relationship with Taipei, with the latter notably providing almost 20 per cent of the funding for the nation’s US$270 million Argyle International Airport which opened in 2017. Kingstown can expect Taipei to lobby it heavily for action on the Security Council that will assist it, particularly given Taiwan’s recent setbacks in diplomatic recognition.

When combined with the addition to the Security Council of Vietnam – a nation which, despite sharing a similar political ideology with China, has increasingly seen tensions raised between Hanoi and Beijing over South China sea incursions – one can expect Beijing’s representatives to encounter challenges with these two new members.

However, this will be offset by the addition to the Security Council of Niger and Tunisia, African nations that

Ralph Gonsalves, Prime Minister of St. Vincent and the Grenadines, surrounded by diplomatic staff members following the results of the secret ballot cast in June 2019 when the UN General Assembly elected five countries to the Security Council, including St. Vincent and the Grenadines, the smallest nation ever to secure a seat.

(Source: Gary Raynaldo / ©Diplomatic Times)

in recent years have cultivated close economic ties with Beijing.

COLLECTIVE APPROACH TO SECURITY China, the United States and Russia are three of the world’s five biggest emitters of CO2. As a body charged with protecting international peace and security, these three permanent members of the Security Council know that the years ahead will

demand they drive down emissions at home to prevent the impact of international instability brought on by climate change.

Possible scenarios are the disappearance of land, the mass displacement of people, and conflicts over resources such as water. Yet none of these nations’ leaders wants to risk an economic slowdown at home, especially as this current crop of President Donald Trump, President Xi Jinping and President Vladimir Putin have staked their legitimacy to lead on the promise of continued economic growth.

Combatting climate change may be urgent to St. Vincent but remains, by many measures, a second order priority to other Security Council members, despite the risks to international peace and security.

SMALL CONTRIBUTION TO A BIG GOAL There is a growing consensus that the United Nations will require reform in the years ahead due to ‘push and pull’ factors, with the dynamic having changed in recent years. Immediately following the Cold War the call for reforms was largely due to the pull factors: the USSR had fallen, there was a new optimism for an international liberal

order, and there was consideration of how the UN could be reformed to enhance this new era. The prominence of many UN missions throughout the 1990s is an example of this optimism in action.

Recently it’s the push factors that have driven calls for UN reform. Although the power structure of the UN Security Council was formed to favour the victors of World War II, threats to global stability, like climate change, continue to grow in prominence, requiring a true international collaboration that even the great powers combined cannot solve alone.

As well as smaller nations demanding a louder voice in the UN to draw attention to such issues, new powers are emerging with a strong claim to a permanent Security Council seat – and could make waves if not granted it. Brazil, India and Japan all have a good case for such membership. It is unlikely that any of them will join the Security Council full-time as it requires unanimous support by all current permanent members, and disputes remain. China doesn’t want India, Russia is resistant to Japan, and Germany has called for its own seat – or for France to cede its seat to the EU; unsurprisingly Paris is resistant to this.

In the absence of reform that incorporates these rising powers, there is a risk that a breakaway UN could arise.

Some suggest we see the early makings of this with BRICS, a body that already holds the UN-sceptic nations of Russia and China, plus two members, in Brazil and India, that lust for greater recognition of their increasing power on the international stage. If the UN continues to ignore a need for modernisation, the consequences could be severe.

St. Vincent and the Grenadines will soon sit among the giants. It will not end its term with influence such as the great powers hold but, if Kingstown uses its time at the top table to push for real reform, it could find that the legacy of its tenure helps to create a UN that is modern, responsive and better able to meet the challenges that face all nations, great and small, in the 21st century.

The Saint Lucia Registry of Companies & Intellectual Property Company Incorporations Name: Hanf Greenleaf Ltd. Description: Food manufacturing and processing Directors: Gregg Mosley-Clarke Date Incorporated: 27/9/19 Chamber: McNamara & Co.

Name: GHENET Suites Ltd. Description: Engineering and construction services Directors: Kemba Walcott Date Incorporated: 2/10/19 Chamber: The Jacobian Law Office

Name: Norvco Trade and Distributors Ltd. Description: Distribution Directors: Ned Norville, Asha Jules Date Incorporated: 2/10/19

Name: Design Plus Limited Description: Civil engineering consultancy services Directors: Alton William, Zanneah Duncan Date Incorporated: 3/10/19 Chamber: Thomas Eugene

Chamber: SEDU

CORPORATE SOCIAL RESPONSIBILITY

THE STAR BUSINESSWEEK

OCTOBER 19, 2019

WWW.STLUCIASTAR.COM

CORPORATE CONSCIENCE Continued from page 3

Participants in the CIBC FirstCaribbean Walk for the Cure in Saint Lucia on October 6. (Photo courtesy CIBC FirstCaribbean)

Cure. Other Saint Lucian beneficiaries include St Jude’s Hospital, the Sir Arthur Lewis Community College, the Rotary Club of Saint Lucia and the National Council of Disabled Persons.

“At CIBC FirstCaribbean it is important to us to contribute to the continued development of our region.

A stronger Caribbean means a stronger CIBC FirstCaribbean. Additionally, our CSR agenda fosters a sense of pride in our employees, who are a part of our communities. We encourage our people to become a part of our projects,” says Delaney.

CSR AND SDGs CSR isn’t just the preserve of big banks and regional resorts, it’s also something that can be incorporated into

other sectors and smaller businesses. In Saint Lucia, Massy Stores has proved a leader in the space, strongly supporting environmental causes. This summer the grocery chain signed a memorandum of understanding with the Saint Lucia National Conservation Fund to redirect funds from its plastic bag charge into conservation grants. The initiative has collected over EC$150,000 to date which will go towards plastic waste management projects.

Reducing pollution, supporting educational initiatives and assisting entrepreneurs, corporate philanthropy is a powerful tool to help Caribbean nations deliver on their Sustainable Development Goals (SDGs). Delaney says this need to further the SDGs plays a key role in CIBC FirstCaribbean’s

Reducing pollution, supporting educational initiatives and assisting entrepreneurs, corporate philanthropy is a powerful tool to help Caribbean nations deliver on their Sustainable Development Goals (SDGs)

CSR policy. “We believe that we have played an important part in helping to advance the quality of life for Caribbean people and that it is equally important to prepare our communities for the future,” she says. “Our pledge to serve and be instrumental in this development continues and this is why we are focused on undertaking long-term initiatives that are integral to the sustainability of our regional communities. These include, the empowerment of our young people through education to support them as leaders of the future; providing avenues for funding that allow youth entrepreneurship to flourish, and involvement in initiatives that, among other things, aim to preserve SBW our region’s ecosystems.”

7

8

THE STAR BUSINESSWEEK

OCTOBER 19, 2019

WWW.STLUCIASTAR.COM

PRINTED & PUBLISHED BY THE STAR PUBLISHING CO, (1987) LTD. RODNEY BAY INDUSTRIAL ESTATE, MASSADE , P.O. BOX 1146, CASTRIES, ST LUCIA, TEL (758) 450 7827 . WEBSITE WWW.STLUCIASTAR.COM ALL RIGHTS RESERVED