Caribbean Roundup: Antigua and Barbuda, Barbados, Cuba, Guyana, and more

Antigua and Barbuda

The Antigua and Barbuda government has indicated it will support the proposed acquisition of CIBC Caribbean by Butterfield Bank, while also advocating for local participation in the process. Prime Minister Gaston Browne said ACB Caribbean has expressed interest and has already engaged the government on the matter.

“ACB would have come to see me, they have indicated they have an interest. If CIBC and Butterfield are willing to co-operate, they are willing to be part of this ownership,” said Browne, who is also the Minister of Finance and Corporate Governance.

Butterfield Bank has agreed to acquire CIBC Caribbean in a US$1.794 billion deal, creating what the institutions say will be the largest independent bank serving island economies.

Browne described the arrangement as more of a merger than a sale, saying it does not require local banks to be given first right of refusal. The transaction is expected to be completed in the first half of 2027.

“If they were just selling the branch as a discrete entity, we’d tell them to sell local. But it is structured differently. Notwithstanding, we’re still looking for the carve-out,” he said, while emphasizing on the importance of domestic ownership, highlighting government successes in banking, real estate, tourism and state-owned enterprises.

Prime Minister Browne said there is also a need for international businesses to provide services beyond those offered by domestic institutions and added that he has been assured that the merger will not result in local job losses.

Barbados

The Barbados government has launched a new offshore licensing drive, offering 19 ultra-deepwater blocks to international energy companies.

Energy Minister Kerrie Symmonds said the initiative opens a three-month proposal window for oil and gas exploration while requiring stronger environmental and climate standards, in line with the government’s renewable energy and climate goals.

“So we want to have companies that are partnering with us that have proven over their recent work that they are in the oil and gas sector, yes, but they are also methane managers, that they are effectively good stewards of the environment, that they are conscious of the climate challenges, and that their capacity is such that they can be aligned to what Barbados’ objectives are more holistically.”

The government reduced the number of offshore blocks on offer from 22 in 2022 to 19, reserving some areas for possible future development by Barbados’ national energy interests.

“The reason why we’re only offering 19 is because as a matter of policy; we have determined that the additional blocks will be held back for the development of the country’s own energy company and related interests, national interests.”

Kerrie Symmonds said the initiative is part of a broader energy strategy aimed at balancing renewable energy growth, energy security, and economic resilience.

He added that preliminary seismic surveys suggest Barbados may have significant offshore hydrocarbon resources, a view supported by Natural Resources Director Jamar White, who cited years of technical assessments indicating substantial offshore reserves.

“We potentially have upwards of 13 billion barrels of oil in place, potentially 40-plus trillion cubic feet of natural gas,” White said.
The pre-qualification phase marks the start of the offshore licensing process in Barbados, followed by discussions with selected companies and formal qualification notices for those deemed suitable for ultra-deepwater operations.

The government aims to complete negotiations within three months, after which environmental impact assessments and baseline studies will be required before any exploration can begin.

Caribbean

Daniel Best, president of the Caribbean Development Bank (CDB), has called for a stronger, greener, more resilient and inclusive Caribbean, while stressing that the region’s challenges can be overcome through collective effort.

He noted that the CDB’s 56th annual meeting is being held amid global pressures including geopolitical tensions, climate change, technological disruption, public health risks, and declining development financing.

Best said the key question is how to strengthen the Caribbean amid ongoing uncertainty, which he noted is not new to the region.
He added that the conference theme, “Forging the Caribbean’s Future, Strategic Solutions for Uncertain Times,” focuses on identifying challenges, developing innovative solutions, and building lasting partnerships to drive change.

“These efforts will drive meaningful impact that will help the bank to innovate, transform, and thrive,” he said, adding that the CDB recognises that many of the challenges the region faces are not new “but they are being intensified by a rapidly changing global landscape.

“The impacts of climate change are now more pronounced than ever before,” he said.

Best said that since 2025 the CDB has approved and disbursed over US$400 million to support infrastructure development, education, climate change, and disaster response, as well as private sector growth across the region.

Cuba

Nearly three million people in Cuba are facing daily water shortages due to a severe fuel shortage affecting the country’s water system, which is operating at just 37% of required capacity.

Officials said the crisis is worsening Cuba’s broader energy problems, with authorities blaming a US energy blockade for the situation. The water sector is particularly impacted because it is one of the nation’s largest energy consumers.

Cuban officials said the country’s intermittent water supply is affecting nearly 10 million people and is being worsened by fuel shortages and wider supply chain disruptions.

Water authority head Antonio Rodríguez explained that water services depend heavily on fuel, electricity, chemicals, and imported parts, many of which are currently limited or stalled.

He added that annual procurement has dropped sharply from about US$100 million to around US$10 million due to suspended credit, with suppliers also delaying contracts because of payment and shipping uncertainties.

The crisis is being worsened by aging infrastructure, overloaded pumping stations, and the need for electricity to supply water to high-rise buildings in major cities such as Havana, Santiago de Cuba, and Matanzas.

Officials said the longstanding problem has intensified in recent months amid broader fuel shortages, with Cuba producing only about 40% of its required fuel. The situation has also been linked to tightened US sanctions and threats of additional tariffs on countries supplying oil to Cuba.

Guyana

President Irfaan Ali announced a series of measures to boost Guyanese participation across key sectors of the economy.
Speaking at the Local Content Summit recently, he said the government is extending local content policies beyond oil and gas to ensure they are integrated into the wider development of the national economy.

“We are now moving into an era where we want local content to be structured in the everyday evolution of our economy,” he said, adding, “The coming weeks will be very exciting for local content and local participation in large-scale transformative projects.”

President Ali said the upcoming Junior Stock Exchange will enable local businesses and individuals to trade and invest, particularly in the gold sector, with one developer reserving shares for local participation.

He also announced that legislation for the Guyana Development Bank will be introduced soon, with the institution aimed at supporting small and micro enterprises and helping develop business clusters to take advantage of new economic opportunities.
Ali announced plans for a Diaspora Bond with fixed returns to raise funds for major infrastructure projects. He also said the gas-to-energy project in the Wales Development Zone will include significant local participation, along with investment opportunities in a fertiliser plant and a proposed gas bottling and distribution facility.

He further noted that the Ministry of Natural Resources has been instructed to recommend expanding qualifying services, including financial and insurance sectors, to increase local procurement.

“We are entering into an exciting period of the transformation,” President Ali said.

Guyana is now seen as better positioned to attract international investors and identify niche opportunities that benefit local businesses.

Officials said its growing financial sophistication allows it to help negotiate business deals for companies across the region, including in Barbados, Grenada, and Antigua.

The two-day summit, was themed “From Policy to Prosperity: Unlocking Opportunities Through Collaboration”.