Govt to link financial services and blue economy in 2024
Minister of Financial Services Lorna Smith has revealed that her ministry plans to tap into the blue economy in 2024 with the creation of financial services products that can earn revenue for the BVI.
In 2021, the previous Andrew Fahie administration worked with the United Nations Development Programme (UNDP) to create a plan for the development of the territory’s blue economy. Speaking in the House of Assembly recently, Minister Smith said her ministry will be working to implement that plan in 2024 through the creation of financial services products linked to the blue economy.
She said these products will include the development of blue bonds, which are debt instruments issued by governments, development banks or others to raise capital to finance marine and ocean-based projects that have positive environmental, economic and climate benefits.
Smith also said the government will explore how to implement a blue carbon strategy for the BVI. She said the BVI will get support from Guyana as it tries to develop products for its blue economy as that country has some experience in this area.
“I was pleased that when we went to Guyana, that there were experts there who could give us support in terms of how to do that. In fact, they have valued their forests at millions of dollars,” Smith explained.
Most Caribbean islands including the BVI have more marine assets than land assets. However, except for tourism and fisheries, the blue economy has remained largely untapped as these nations have not been focused on developing products and services that harness the potential of marine resources within their borders.
In recent years, there has been a global push for the development of the blue economy in small island developing states, as experts see this area as the new frontier that could develop these countries, help them fight climate change and give them access to marine resources such as energy and oil, which richer nations have used to propel their development.
Copyright 2024 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
The project return on these blue bond debts.
Just making it sound as though the government is making progress on our behalf for new year, like saying you going to link banking to the sea water, which was always there, but I get it , it’s another portfolio for miss corna to control
Too much Chinese looking people in the BVI. Oh Please don’t turn the BVI into West Asia.
Interesting concept that will not be ready for 2024 or close to the end of decade (2030). What is the BVI’s rating that would allow it to crate bonds of any kind that have tangible value?
What a crock of BS! Pie in the sky dreams.
Lots of jargon no substance
Well, I think investors are much smarter than to purchase bonds from a government of a country that is NOT sovereign, can be shut down at any time by the UK and does not produce its own currency but is dependant on the graces of the U.S.ofA. Not to mention, led by a party planning clown who likes to play dress up and fly the world while talking about the environment (ironically). Doesn’t have a clue! Where the heck is the security in that?
The word “delulu” comes to mind. Anyhow…yawn.
Wow. We BVI people have become really negative. Its a new year, sun is bright, BVI is beautiful and none of us will live forever. We should make a resolution to work together better — at least for the things we all can agree on. God Bless and Happy New Year.
Luarna in the Corna needs her nap and a warm bowl of oatmeal. Without that she starts hallucinating and talking like Biden.
The government of a non sovereign country that does not make its own currency is zero security when considering bonds investments with them.
Using another country’s currency does not afford you many options when combating inflation. The bond industry/ market really is about consumer confidence. How confident does anyone feel when hearing S!0w W@nde deliver the budget address? Whether it’s global institutions or citizens wanting an alternative to the bank.
being elected to the HOA makes a person delusional.