Terrorism
Terrorism
Podcast: “Terror in the Caribbean” – Episode Two
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Listen to our podcasts on radicalization in the Caribbean.
Economy
How China Makes Things Possible
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In general, there are two types of funding offered by China. The first is in the form of Chinese government grants. Recipient countries do not foot the bill of these projects.
The second frequently tends to come in the form of Chinese-set market-rate loans from Chinese banks. In particular, the China Export-Import Bank (China EXIM) and the China Development Bank (CDB) – two Chinese state-owned banks, have pledged, disbursed or partially disbursed a large proportion of Chinese loans to Caribbean projects and countries.
The banks administer foreign aid loans using subsidies from the foreign aid budget to soften the loan terms. These loans usually have fixed interest rates of 2-3%, maturity of 15-20 years with grace periods, and 2 payments per year. The majority of past and on-going projects in the Caribbean are funded by concessional loans from the China Export & Import Bank.
These loans are often framed as resource-secured loans.
The Caribbean Engages the Belt and Road Initiative
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China’s ambitious Belt and Road Initiative was first raised by President Xi Jinping in the last quarter of 2013. Six years later, China had signed 173 cooperation agreements with 125 countries and 29 international organizations.
Economy
The China/Taiwan Contest Within CARICOM
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Five of the 17 countries, globally, that currently recognise a sovereign ‘Republic of China on Taiwan’ (ROC) are member states of the Caribbean Community (CARICOM). They include Belize, Haiti, St Kitts and Nevis, St Vincent and the Grenadines, and Saint Lucia.
PetroCaribe
PetroCaribe Country Report: Jamaica
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Three years after Venezuelan President Nicolas Maduro declared he would continue to supply oil and cheap financing to Jamaica under PetroCaribe, the deal has collapsed. Blame falls on the troubles in Venezuela’s oil economy and the tough U.S. sanctions that have isolated its regime. But save some of the blame for corruption, malpractice and nepotism that undermined its core. The arrangement signed between oil-rich Venezuela under the leadership of the late Hugo Chavez and several Caribbean countries, among them Jamaica, to purchase oil on preferential payment conditions, has fizzled — save somewhat for Cuba. Launched in 2005, the PetroCaribe Arrangement allowed participating countries to purchase oil at market value, paying a percentage of the cost upfront with the balance being paid over 25 years at one per cent interest.