AGP Executive Report

Economic Outlook: Afreximbank’s new Barbados brief forecasts growth of 1.9% in 2026 and 2.3% in 2027, with public debt down to 96% of GDP by March. It cites tourism, investment and continued reforms as supports for growth. Tourism Links: Barbados is pursuing a tourism partnership with Kenya, including a possible formal agreement, as it works to attract more African visitors. Local Supply: The Bajan Harvest Hub aims to connect farmers with hotels and restaurants, building reliable markets and keeping more tourism spending in Barbados. Air Links: interCaribbean now flies daily between Barbados and Guyana’s Ogle airport, adding options for business and family travel. Financial Regulation: A proposed virtual-asset law would strengthen oversight of cryptocurrency and other digital transactions, with the Attorney General saying enforcement matters to Barbados’ standing in global finance.

Tourism Links: Barbados is pursuing a formal tourism partnership with Kenya and targeting more African visitors, building on its Nairobi regional office and industry ties. Local Supply Chains: The Bajan Harvest Hub will connect farmers with hotels and restaurants, aiming to boost local produce, cut imports and keep more tourism revenue in Barbados. Financial Regulation: A bill before Parliament would tighten oversight of virtual assets and help authorities trace proceeds of crime, Attorney General Wilfred Abrahams said. Regional Trade: CARICOM teams are assessing whether the region can supply paints, cement, glass bottles and bitumen, work that could shape future tariffs and trade rules. Climate Investment: A regional bond targeting up to US$250 million has launched in Barbados to finance climate-resilient infrastructure, renewable energy and other sustainable projects. Air Links: interCaribbean Airways has begun daily flights between Barbados and Guyana’s Ogle airport, adding options for business and family travel.

Digital Finance: Barbados’ Virtual Asset Service Providers Bill targets criminals using crypto and other digital platforms to hide proceeds, with Attorney General Wilfred Abrahams saying effective enforcement matters to the country’s standing in global finance. Regional Trade: CARICOM teams will assess whether the region can supply its own paints, cement, glass bottles and bitumen; their findings will help guide tariff decisions and could affect businesses and consumers. Tourism Links: InterCaribbean now flies daily between Barbados and Guyana’s Ogle airport, widening options for business and leisure travel. Debt and Health: Barbados plans a $1.2 billion debt-for-social swap by January 1, expected to unlock more than $320 million for healthcare and other social programmes, including efforts to tackle childhood obesity. Climate Investment: A Caribbean bond launched in Barbados aims to raise up to US$250 million for resilient infrastructure, renewable energy and other development projects. Economic Outlook: The World Bank projects 2 per cent growth for Barbados in 2026, a modest pace compared with oil-producing Guyana and Suriname.

Digital Economy: Education Minister Chad Blackman says AI literacy is essential as Barbados moves towards a knowledge-based economy, calling for a regional effort to apply the technology across sectors. Regional Trade: CARICOM teams will assess whether the region can supply paints, cement, glass bottles and bitumen; their findings will inform ministers’ decisions on tariffs and the competitiveness of local producers. Tourism and Jobs: The Barbados Food and Rum Festival is being promoted as a route into hospitality careers and wider opportunities in business development and exports. Development Finance: A planned BDS$1.2 billion debt-for-health swap is expected to unlock more than BDS$320 million for healthcare and social programmes, including efforts to tackle childhood obesity. Separately, a Caribbean bond launched in Barbados aims to raise up to US$250 million for climate resilience, renewable energy and infrastructure. Economic Outlook: The World Bank projects Barbados will grow 2 per cent in 2026, amid a slower recovery for tourism-dependent economies than for oil producers. Construction: Fort Carlisle Residences has opened after a project described by its developer as nearly 100 per cent Barbadian-led.

Debt-for-Health: Barbados plans to launch a $1.2 billion debt swap by January 1, freeing more than $320 million for healthcare and other social programmes, including efforts to tackle childhood obesity. Climate Finance: A Caribbean bond seeking up to US$250 million launched in Barbados to fund resilient infrastructure, renewable energy and sustainable water projects. Airport Upgrade: An $80 million Grantley Adams expansion is expected to start in November, adding four jet bridges and redesigning the terminal over about a year. Economic Outlook: The World Bank forecasts Barbados growth of 2 per cent in 2026, as tourism-dependent economies recover more slowly than oil producers. Local Investment: Fort Carlisle Residences has opened after a project described as nearly 100 per cent Barbadian, highlighting local business and worker involvement. Regional Enterprise: Outgoing Caribbean Export chair Lynette Holder says the agency attracted more than US$170 million in targeted investment for over 30 projects during her five-year tenure.

Debt and Health: Barbados is targeting January 1 to begin a $1.2bn debt-for-health swap, expected to unlock more than $320m for healthcare and other social programmes, including efforts to tackle childhood obesity. Growth Outlook: The World Bank forecasts Barbados will grow by 2% in 2026, as tourism-dependent economies face a more moderate recovery than oil producers. Hospital Investment: The Queen Elizabeth Hospital has ordered $82m in equipment and is commissioning its first MRI system as part of a wider modernisation drive. Regional Investment: Outgoing Caribbean Export chair Lynette Holder says the agency attracted more than US$170m for over 30 regional projects during her tenure and expanded funding partnerships for businesses. Climate Finance: A new Caribbean sustainability bond aims to raise up to US$250m for resilient infrastructure, renewable energy and water projects. Airport Upgrade: An $80m Grantley Adams International Airport expansion, including four jet bridges and a redesigned terminal, is expected to start in November and take about a year.

Regional Trade: CARICOM teams will assess whether the region can meet demand for paints, cement, glass bottles and bitumen, with findings set to inform future tariff decisions. Climate Finance: A Caribbean sustainability bond launched in Barbados aims to raise up to US$250 million for resilient infrastructure, renewable energy and water projects. Air Links: InterCaribbean plans daily Trinidad service and a larger aircraft, adding about 50% more seats ahead of Carnival demand. Airport Upgrade: An $80 million Grantley Adams expansion is targeted to start in November, bringing four jet bridges and a redesigned terminal; the proposed management deal is on hold. Regional Mobility: Barbados processed 918 applications under CARICOM’s free-movement scheme through July, accounting for most of the 939 people processed across four participating states. Credit Outlook: Fitch affirmed Barbados’ B+ rating with a positive outlook, though the expected upgrade did not materialise.

Cricket Finances: Cricket West Indies’ cash-flow crisis has brought 25% cuts to international player pay, shorter domestic contracts and paused competitions; former president Dave Cameron says falling broadcast revenue makes recovery difficult. Regional Mobility: Barbados processed 918 applications in the first year of CARICOM’s four-country free-movement scheme, accounting for most of the 939 people processed across participating states. Tourism: Barbados is courting Kenya’s travel market, but the lack of year-round direct air links remains a barrier; seasonal KLM service and new direct flights from Lagos offer alternatives. Investment: Finance Minister Ryan Straughn linked improved credit ratings to investor interest at the opening of the $60 million Fort Carlisle residences, while noting rising construction costs. Climate Finance: Barbados is urging more joined-up funding for small islands. A new regional sustainability bond aims to raise up to US$250 million for resilience and development projects. Financial Services: Sagicor’s proposed restructuring would bring its Jamaican operations and Sagicor Life under a new Caribbean parent company.

Investment: Finance Minister Ryan Straughn says Barbados’ improved credit ratings are helping attract investors, as the $60 million, 32-unit Fort Carlisle Residences opened. He also pointed to rising construction costs and logistical hurdles. Tourism: Barbados is courting Kenyan visitors and tourism partners, but lack of direct year-round flights remains a barrier; travellers can connect through Amsterdam in winter, while Air Peace now flies direct from Lagos. Antigua and Barbuda’s Charles Fernandez succeeds Barbados’ Ian Gooding-Edghill as Caribbean Tourism Organization chair. Climate Finance: A new regional sustainability bond aims to raise up to US$250 million for resilience and development projects. Barbados has received US$245 million in Green Climate Fund investment, though officials say fragmented project preparation is limiting regional funding. Financial Services: Sagicor has published shareholder documents for a proposed reorganisation bringing Sagicor Jamaica and Sagicor Life under a Caribbean parent, subject to shareholder, court and regulatory approval.

Regional Finance: Sagicor has begun a two-stage plan to bring Sagicor Jamaica and Sagicor Life under a new Caribbean parent, subject to court and shareholder approval. Climate Investment: A new Caribbean Sustainability Bond aims to raise up to US$250 million for resilience, renewable energy, water systems and other regional projects; it launched at the Caribbean Investment Forum in Barbados. Financial Regulation: Finance Minister Ryan Straughn has tabled a bill to regulate virtual-asset providers and strengthen consumer protection against online financial fraud. Small Business: Business Barbados and FundAccess have signed an agreement to coordinate support for entrepreneurs and small firms. Worker Mobility: Barbados processed 918 applications in the first year of CARICOM’s four-country free-movement scheme, accounting for most of the 939 people processed across participating states.

Climate Finance: A new Caribbean Sustainability Bond, launched at the investment forum in Barbados, aims to raise up to US$250 million for resilience, renewable energy and other regional projects. Regional Mobility: CARICOM says 939 people were processed under the four-country free-movement scheme in its first year; Barbados accounted for 918 applications through July. Financial Regulation: A proposed virtual-asset services law would strengthen consumer protection and give regulators tools to tackle digital fraud as Barbados prepares for its next money-laundering review. Small Business: Business Barbados and FundAccess have signed an agreement to coordinate support for entrepreneurs and small firms. New Industries: Barbados is exploring commercial uses for microbes found in sargassum, including potential applications in biofuels and chemicals.

Cargo & Connectivity: Air France KLM Martinair Cargo is expanding its 2026-27 winter freight network, adding a new Cairo freighter link plus bellyhold services to Punta Cana and Malé, with schedules running from late October into March. Money Laundering Oversight: Barbados is gearing up for its fifth mutual evaluation round, with Attorney General Wilfred Abrahams stressing that laws must work in practice and that agencies can’t operate in silos. Entrepreneur Support: Business Barbados and FundAccess signed an MOU to strengthen support for entrepreneurs and small businesses, with a call for the organisations to “make it work” on the ground. Virtual Assets Regulation: Labour Minister Colin Jordan urged Parliament to keep the Virtual Assets Provider Bill 2026 aligned with fast-moving technology to prevent financial crime and misuse. Regional Business Rules: CARICOM moves toward mutual recognition of corporate entities and prepares for another round of mutual evaluation. Tourism & Airlift: British Airways will add a daily Gatwick-to-Barbados service from Oct. 25, 2026, boosting UK capacity ahead of peak season. Sargassum Science: UWI research is turning decomposing sargassum microbes into potential biotech and advanced-manufacturing opportunities for Barbados. Food Recall: GraceKennedy Foods issued a voluntary recall of specific Grace Tropical Rhythms Fruit Punch 1L batches in several markets, including Barbados, citing a product-quality issue. Labour Dispute: Dozens of workers off the job at the Business Employment Centre, citing contractual issues and suspensions. Climate Outlook: CariCOF warns a very strong El Niño could bring drought risk and humid heat across parts of the Caribbean later this year.

Virtual Assets Law: Barbados’ Minister of Labour Colin Jordan urged Parliament to keep the Virtual Assets Provider Bill 2026 aligned with fast-moving technology to better tackle money laundering and terrorism financing. Labour Dispute: Dozens of workers contracted by the Barbados Employment Centre walked off the job over contractual issues, with the Barbados Workers’ Union saying some were later suspended. Sargassum Science Push: Barbados is moving to turn newly identified sargassum microbes into scientific and commercial opportunities, with government linking the work to biotechnology and advanced manufacturing. Food Recall: GraceKennedy Foods issued a voluntary recall of specific Grace Tropical Rhythms Fruit Punch 1L batches in Barbados and several other markets, citing a product-quality issue (not food safety) and no expected adverse health effects. Tourism & Airlift: British Airways will add a daily London Gatwick service to Antigua through April 2027, while also expanding Barbados air access with a new daily Gatwick nonstop from Oct. 25, 2026. Regional Agriculture Trade: Tourism Minister Edmund Bartlett wants Jamaica’s ALEX model expanded into a Caribbean-wide agricultural logistics platform to plug tourism’s import leak. Workforce Planning: The Barbados Employers Confederation called for a national vacancy survey to quantify labour shortages and skills mismatches, especially in construction and hospitality. Health Focus: World Heart Day coverage highlighted rising heart disease burdens and urged stronger governance and action beyond “tick boxes.” Cuba Solidarity: The Barbados-Cuba Friendship Association marked the 50th anniversary of Cubana Flight 455, calling for an end to the US blockade and launching a medication drive.

Tourism & Airlift: British Airways will add a new daily nonstop London Gatwick–Barbados service from Oct. 25, boosting capacity for the UK market and supporting Barbados’ push to move from seasonal to year-round tourism. Regional Tourism Benchmark: The Dominican Republic topped the Caribbean in the WEF Travel & Tourism Development Index 2026, highlighting that Barbados and other islands are being measured on more than visitor arrivals. Agriculture & Food Security: Barbados and Venezuela are deepening their strategic alliance on food and agriculture security, with Shantal Munro-Knight leading a technical delegation to advance joint commitments. Finance & Governance: RFHL founding director Dawn Callender has retired from the board, while a US court sentenced Ingrid Innes (former ICBL CEO) to time served and fined her US$7,000 in a money-laundering conspiracy tied to government insurance contracts. Business & Consumer Watch: GraceKennedy Foods is recalling specific batches of Grace Tropical Rhythms Fruit Punch (1L) in Barbados and other markets due to a quality issue. Health & Policy: A World Heart Day event heard calls for stronger governance as Barbados records high heart-attack burdens at QEH. Connectivity: EllaLink launched the Caribbean Gateway initiative, moving from design to committed investment with service targeted by end-2029. Trade & Risk: Barbados stepped up port monitoring after Suriname reported highly pathogenic avian influenza, warning of risks to the local poultry sector.

Tourism & Connectivity: Barbados is pushing to expand its global tourism reach to move beyond seasonality, with plans to target new markets including an African trade show, while Caribbean Airlift developments elsewhere underline the region’s push for better routes. Agriculture & Food Security: Barbados’ agriculture minister Shantal Munro-Knight has arrived in Venezuela for high-level talks and technical visits under a joint declaration aimed at deepening food and agriculture security, logistics and commercial connectivity. Finance & Compliance: A Guyanese-born Canadian former ICBL CEO, Ingrid Rosemary Innes, has been sentenced in the US to time served and fined US$7,000 for her role in a money-laundering conspiracy tied to former minister Donville Inniss. Public Health & Consumer Safety: GraceKennedy Foods is recalling specific batches of Grace Tropical Rhythms Fruit Punch (1L) in Barbados and other Caribbean markets, saying it’s a quality issue with no expected health impact. Crime & Security: Barbados police have arrested two Britons over an alleged plot to export more than $1m in cocaine, and separately charged a 19-year-old British national over 23.4kg of suspected cocaine. Energy Transition: A new Ember report says Caribbean solar growth is outpacing official figures, but policy and regulatory bottlenecks are slowing the shift away from imported fossil fuels. Regional Development & Digital Infrastructure: EllaLink has launched its Caribbean Gateway initiative to expand high-capacity fibre connectivity, targeting service by end-2029. Social Policy & Housing Costs: Habitat for Humanity reports that housing costs are forcing 75% of people in Latin America and the Caribbean to cut other expenses, use savings or delay medical care.

Air Connectivity: British Airways’ “Caribbean, closer than ever” claim drew pushback from Manchester travellers, with the airline running zero Caribbean flights from that airport while northern customers must route via Heathrow. Digital Infrastructure: EllaLink officially launched its Caribbean Gateway initiative, moving from design to committed investment for a Cayenne–Martinique/Guadeloupe trunk with branches to Aruba, Curaçao and Bonaire, targeting service by end-2029. Regional Mobility: CARICOM free movement is still held back for small states by “islandness,” administrative capacity limits and demographic fears, complicating borderless labour mobility. Barbados Crime & Enforcement: Barbados Police arrested two Britons (19 and 22) over an alleged plot to export more than $1m in cocaine, alongside a separate arrest of a 19-year-old British national over 23.4kg of cocaine. Food & Consumer Safety: GraceKennedy Foods issued a voluntary recall of specific batches of Grace Tropical Rhythms Fruit Punch (1L) in Barbados and other markets, citing a quality issue, not safety risk. Health: Heart & Stroke Foundation figures show 556 heart attacks at QEH in 2022, with one in six being repeat cases and one in three not leaving hospital alive. Agriculture & Trade: Barbados stepped up port monitoring after Suriname’s H5 avian influenza outbreak, relying on existing quarantine and approved-import rules. Business Performance: JMMB reported $4.1b operating profit for FY ended March 31, with 46% of gross revenues generated outside Jamaica, including Barbados. Tourism & Culture: Barbados will feature in the KFC International School Football tournament in December, while CAL announced resumed Caracas flights and a new Tobago–Toronto service.