Archive for November 2013

Growing the Tourism Industry in the Bahamas’ Family Islands: A Backpacker’s Market?

27
NOV

Written by

by Syreta Roberts

backpackers

Family Islands of The Bahamas like Andros, Bimini, Grand Bahama, Eleuthera, Exuma, Cat Island, Inagua, and Mayaguana tend to have fluctuating economic stability despite their natural beauty and unique attractions. The popular belief among Bahamians is that the necessary foreign investment to build mega-resorts like Atlantis always goes to Nassau, so these economies cannot grow. Since the global financial recession of 2008, there has been a decline in the total number of foreign tourists, especially Americans who represent more than 80 percent of stay-over visitors who choose to stay in high-end resorts of The Bahamas. Therefore, attracting tourists to the Family Islands will require cultivating a different tourism market and experience. > Read more

Dominican Republic’s Energy Market

27
NOV

Written by

by Carlos Sucre

Dominican Republic – Energy Matrix & Regulatory Framework

With a gross domestic product (measured at PPP) of USD 90 billion and a population of 10.3 million people, the Dominican Republic is the largest economy in the Caribbean and has the largest population after Cuba. Its energy matrix is dominated by the import of fossil fuels as primary sources (crude oil, natural gas and coal) and as secondary sources (products derived from crude oil). Domestic sources of energy include biocombustibles – mostly firewood and some bagasse – and hydro.

Electricity coverage is above the Latin American average, at around 96%. According to OLADE, the Dominican Republic has around 3,000 MW of installed capacity for electricity generation. This generation capacity is mainly thermoelectric with 2,469.23 MW (82.5% of the installed total). It is important to note that there has been significant growth in installed capacity of plants using coal and natural gas in recent years. The rest is mostly made up of hydroelectric ge­neration at about 525 MW. This capacity is used to generate about 15,000 GWh per year. > Read more

The First 1,000 Days of Life Really Matter!

26
NOV

Written by

by Cynthia Hobbs

first 1000 days

Children from St. John’s Basic School, Kingston, Jamaica – taken by Cynthia Hobbs.

We know it’s critically important to give our children the right ingredients during the first five years of life – good nutrition, education and language stimulation, vaccinations and other health interventions. But now experts are narrowing it down further to the first 1,000 days – 270 days of pregnancy and the first two years of life.  The sooner we begin caring for children, the better, even before children are born, in pre-natal care of pregnant mothers. > Read more

Haiti’s Energy Market

25
NOV

Written by

by Malte Humpert

Haiti: Energy Market Overview

HAITI

Haiti is located in the central Caribbean and occupies the western part of the island of Hispaniola together with its direct neighbor the Dominican Republic. It has a population of 9.7 million people and 60 percent of the population live in rural areas. Nonetheless there is substantial pressure on urban areas as the population there has more than tripled over the past 30 years to almost 4 million inhabitants. The country’s service sector contributes about 45 percent to the national GDP. Agriculture, mining and construction contribute 35 percent to the GDP and the industrial sector accounts for 10 percent. The general lack of high value export products results in a substantial negative balance of trade. Imports exceed exports by a factor of three. (Ministry for Public Works Transportation and Communications, 2007) > Read more

Barbados-based Caribbean Centre of Excellence for Youth Entrepreneurship Wins IDB Award

25
NOV

Written by

by Elizabeth Rodezno 

On November 19, the IDB announced one of two Juscelino Kubitschek Awards to the Caribbean Centre of Excellence for Youth Entrepreneurship (CEYE) in the amount of US $100,000.00.   There were more than 496 proposals submitted from 28 countries.  The award recognizes outstanding contributions in i) economics and finance, and 2) social, cultural, and scientific achievement and is given every two years.

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Photo of The Honourable Billie Miller, former Foreign Minister of Barbados who accepted the Juscelino Kubitschek Award on behalf of the Caribbean Centre of Excellence for Youth Entrepreneurship

Established 12 years ago, the CEYE is a not-for-profit company which gives support to young entrepreneurs by offering life and job skills training with the objective of turning young people into productive and successful business people.  The age group of 18-35 year olds experiences the highest unemployment in the Caribbean.  The CEYE’s goal is to help this age group to be business entrepreneurs and provide jobs for others.

The CEYE often lends capital to assist a young person to start a business without collateral and without guarantors.  In the Caribbean, banks microfinance and credit unions will not take this risk.  Over $2 million dollars facilitated by CEYE have been used to create over 3567 youth businesses in the region, providing an average four jobs per business.  75% of young entrepreneurs have repaid their loans and over 75% of them are still in business after three years.

Marcia Brandon, Managing Director of the CEYE, told The Barbados Advocate that they were very proud and pleased to be recognized for their hard work and good results.  She added, “[Winning] the Juscelino Kubitschek Award for us is an inspiration; it again tells us we are on the right path. We will continue to strive for excellence in the work that we do and in helping others.”

Among its many activities, the CEYE:

  • Coordinates the work, sustainability and growth of Caribbean entrepreneurship organizations with which it partners by assisting them with start-up of their operations; implementation of structures, systems, processes and procedures; partnership building; resource mobilization and accreditation/legitimization.
  • Partners with regional public and private sectors to develop entrepreneurship and social development programs for corporate social responsibility and community engagement.
  • Partners with international social development investors to design, implement, monitor and evaluate socially and economically impactful projects/programs for youth and women towards the sustainable development of the region.

“Let It Be”—An Economic Strategy of Benign Neglect?

22
NOV

Written by

by Inder Ruprah

let it be

Many Caribbean economies have not only been steadily declining relative to other small economies but currently face unstable macroeconomic imbalances. Hence face the need for stabilisation cum reform policy.  Just like Estragon muttering “nothing to be done” in Beckett’s play one policy option, probably less painful upfront, is to wait it out. That is to wait for a world recovery and hope that such a recovery will pull the countries out of the doldrums.

> Read more

Barbados’ Energy Market

22
NOV

Written by

by Malte Humpert

Barbados: Energy Market Overview

barbados_1

Barbados is an island state in the Lesser Antilles located about 180 km east of St. Vincent and the Grenadines. Barbados has a population of 284,000 people living on just 431 square kilometers, making it one of the most densely population islands in the world. Around 25 percent of Barbados’ population live in the capital Bridgetown. > Read more

Bahamas’ Energy Market

21
NOV

Written by

by Malte Humpert

Bahamas: Energy Market Overview

bahamas_1

The Commonwealth of the Bahamas comprises about 700 islands and cays, 30 of which are inhabited, and is home to a population of 338,000. More than two thirds of the population resides in the capital city of Nassau on the island of New Providence. Like the economies of most Caribbean island states, the Bahamas’ economy is disproportionately service oriented with little capacity for the manufacturing of goods. The tourism industry is the country’s most important sector contributing directly or indirectly to more than 60 percent of the overall GDP and employing half of the total labor force. (Organization of American States, 2010; Wilson, 2009) > Read more

Suriname’s Energy Market

20
NOV

Written by

by Malte Humpert

Suriname: Energy Market Overview

suriname_1

Suriname is located along the northern coast of South America and is home to a population of 492,000. It achieved its independence in 1975 making it the youngest independent state in South America. About half the country’s population lives in the capital city of Paramaribo located along the coast in the north-eastern part of the country. The national economy is dominated by the extractive industry primarily oil, bauxite as well as gold. Taking into account indirectly related industries, the extractive industry accounts for more than 50 percent of national GDP and oil, bauxite and gold make up about 80 percent of national exports. (Global Environment Facility, 2012) The country is highly energy self-sufficient and imports less than 15 percent of its energy needs. Nonetheless 18.3 percent of its overall imports (2009), about 264 million USD, were fuel imports. Suriname’s high energy independence is due to a combination of extraction of fossil fuels and significant wealth of hydropower. More than half of generated electricity, 53 percent in 2009, comes from hydropower. (IRENA, 2010) > Read more

Guyana’s Energy Market

19
NOV

Written by

by Malte Humpert

Guyana: Energy Market Overview

guyana_1

Guyana is located along the northern coast of South America and is home to a population of 778,000. Its neighbors are Suriname to the east, Venezuela to the west, Brazil to the west and south and the Atlantic Ocean to the north. The vast majority of the country is populated extremely sparsely and 90 percent of the population reside in or in the proximity of the capital city of Georgetown. Guyana’s agricultural sector is the largest contributor to the national GDP, comprising about 35 percent. Of importance are also the extractive industries, manufacturing and tourism. It was estimated that tourism contributed 12 percent to the national GDP in 2001. (Government of Guyana, 2012) > Read more

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The views expressed in this blog are those of the author and do not necessarily reflect the views of the Inter-American Development Bank, its Management, its Board of Executive Directors or its member Governments.

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