Guyana And Suriname Will Soon Be Linked By A Bridge

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News Americas, New York, NY, December 9, 2024: Guyana and Suriname will soon be linked by a bridge.

The two South American, CARICOM nations have taken a major step toward strengthening regional connectivity by selecting China Road and Bridge Corporation, (CRBC) to construct a 1.1-kilometer bridge across the Corentyne River. This bridge will link the two neighboring countries, further enhancing trade and cooperation.

Guyana’s Minister of Public Works, Juan Edghill, confirmed the selection on Sunday, Dec. 8, 2024, stating, “China Road and Bridge has been the preferred evaluated bidder agreed on by both countries.” He added that construction would commence once financing for the US$236 million project is finalized.

The planned bridge will span from Moleson Creek in Guyana to Long Island and then connect to South Drain in Suriname. Both nations, which maintain close ties with China, have approached the East Asian country to fund the project, underscoring its significance for bilateral and regional development.

CRBC was chosen over The Netherlands-based Ballast Nedam for the project. Suriname’s Technical Assistant for Capital Infrastructure Projects highlighted that the bridge is designed for durability, with a projected lifespan of 100 years and minimal maintenance requirements. It will also feature accommodations for vessels of up to 47,000 deadweight tonnes, with a horizontal clearance of 100 meters and a vertical clearance of 43 meters.

While Guyana and Suriname are eager to proceed, sources indicate that Suriname must carefully manage borrowing to meet global economic recovery benchmarks. Nonetheless, the bridge represents a landmark initiative to bolster economic growth and connectivity between the two countries.

This project reflects the strong partnership between Guyana and Suriname and their shared commitment to infrastructure development that benefits the region as a whole.

Bahamas Secures $120M For Ocean Conservation

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News Americas, New York, NY, December 9, 2024: The Bahamas has unlocked over $120 million for the conservation and sustainable management of its oceans and mangroves through an innovative debt-for-nature swap, supported by Standard Chartered and private sector partners. This marks a significant step toward addressing climate change and biodiversity loss in the region.

By leveraging a $300 million lower-cost loan from Standard Chartered, The Bahamas repurchased $215.7 million in Eurobonds and an $81 million commercial bank loan. The resulting savings from reduced interest and principal payments will now fund ambitious ocean conservation initiatives.

Debt-for-nature swaps are gaining traction as a critical tool for achieving conservation and climate goals, addressing a portion of the $942 billion global funding gap BloombergNEF estimates is needed to restore and maintain biodiversity. The Bahamas’ initiative highlights how these mechanisms can channel resources to countries in the Global South to protect natural ecosystems.

Slav Gatchev, head of sustainable debt at The Nature Conservancy, which designed the deal and provides conservation expertise to The Bahamas, emphasized the importance of such agreements. “The nature bonds program is one of the few mechanisms that can drive financing at scale towards climate and nature in the global south,” he said.

A Global First in Debt Swaps

The Bahamas’ deal represents a new generation of debt-for-nature swaps. It is the first to involve guarantees and insurance from private sector players, including a $70 million credit guarantee from impact investor Builders Vision and $30 million in insurance from AXA XL. These enhancements, combined with a $200 million partial credit guarantee from the Inter-American Development Bank (IDB), allowed Standard Chartered to issue a 15-year loan with a favorable 4.7% interest rate, comparable to new IDB debt costs.

“The asset class is not only scaling but developing,” said Dennis Eisele, head of global credit market financing for Latin America at Standard Chartered. “Builders Vision and AXA demonstrate there is an expanded pool of capital for these deals.”

Protecting Vulnerable Ecosystems

As an archipelago of low-lying islands, coral islets, and cays, The Bahamas is particularly vulnerable to climate change and extreme weather events. The devastating impact of Hurricane Dorian in 2019 continues to affect the country, highlighting the urgency of climate resilience measures.

This deal comes at a critical time. At the UN biodiversity summit in Colombia in October, nations failed to finalize a strategy for mobilizing billions of dollars in conservation funding. Wealthier nations have been hesitant to increase direct financial contributions, instead urging private sector involvement to bridge the funding gap.

The Bahamas’ innovative approach demonstrates how debt restructuring can serve as a lifeline for climate and conservation efforts in vulnerable nations. It also sets a precedent for similar initiatives globally, aligning financial mechanisms with environmental sustainability.

Olympic Gold Medalist Among 2024 CMEx Awardees

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News Americas, New York, NY, December 8, 2024: Dominica-born Olympic gold medalist and triple jump champion Thea LaFond was among a distinguished group of Caribbean nationals recognized at the 2024 Caribbean Media Exchange (CMEx) Leadership Awards and Fundraiser on Sunday. The event, held at the Loews Coral Gables Hotel in Miami, celebrated achievements in tourism, media, and sustainable development.

Dominica born Olympic Gold Medalist Thea Lafond was among the 2024 CMEx honorees on Dec. 8, 2024 in Miami, FL.

LaFond, who made history this year by securing Dominica’s first-ever Olympic medal with her gold in the triple jump at the 2024 Summer Olympics, was celebrated for her monumental accomplishments. Her victory was followed by another historic win at the 2024 World Indoor Championships, where she was crowned World Indoor Triple Jump Champion. Her extraordinary success has solidified her legacy as one of the Caribbean’s most inspiring athletes.

Honoring Excellence in the Caribbean

The CMEx Leadership Awards recognized an array of exceptional contributors from across the Caribbean, underscoring the region’s resilience and innovation in tourism and sustainability. Powered by The Bahamas Ministry of Tourism and Aviation, the event was emceed by CMEx founder and President, Marketplace Excellence, Bevan Springer, and Vanessa James, CEO of Vanessa James Media, (VJMedia).

Other 2024 honorees included leaders in tourism, media, and community development, such as:

Kashmie Ali – VP of Sales and Marketing, Sailrock South Caicos

Tracy Berkeley – CEO, Bermuda Tourism Authority

Laura Dowrich-Phillips – Caribbean Journalist and PR Manager, Experience Turks and Caicos

Latia Duncombe – Director General, Bahamas Ministry of Tourism, Investments, and Aviation

Ambassador Victor Fernandes – Veteran Broadcaster and Barbados Ambassador to the U.S. and the OAS

Gloria and Solomon Herbert – Co-founders, Black Meetings & Tourism magazine

Dr. Lisa Indar – Ad Interim Executive Director, Caribbean Public Health Agency, (CARPHA)

Eroline and Lyton Lamontagne – Owners, Fond Doux Eco Resort, St. Lucia

Vanessa Ledesma – CEO, Caribbean Hotel and Tourism Association, (CHTA)

Marie McKenzie – SVP of Government and Destination Affairs, Carnival Corporation & plc.

Marc Melville – CEO, Chukka Caribbean Adventures

Jennifer Nugent-Hill – Director of Government and Community Affairs, Tropical Shipping

Simón Suárez – VP, Grupo Puntacana

Ellison “Tommy” Thompson – Former Deputy Director General of Tourism, Bahamas

Christine Valls – Director of Sales for Latin America and the Caribbean, United Airlines

A Celebration of Caribbean Resilience

The CMEx Awards emphasized the importance of sustainable tourism and the interconnectedness of media, government, and the travel industry in driving Caribbean development. CMEx, established in 2001, has become a catalyst for positive change, fostering collaboration and supporting sustainable projects that enrich local communities. “Today, we celebrate your achievements and contributions, and we also
look to the future,” stated Springer. “We envision a thriving Caribbean where tourism remains a powerful force for positive change, driving growth, protecting our natural beauty, and preserving our cultural heritage. We are proud to work alongside each of you in this mission, and we are deeply grateful for your continued support and partnership.”

Building on CMEx’s Legacy

Over the years, CMEx has sharpened the skills of regional journalists, created training opportunities, and supported the implementation of sustainable tourism projects. These efforts have cemented CMEx’s role as a bridge between the public and private sectors, promoting tourism that balances economic growth with environmental preservation and community well-being.

CMEx’s mission is to highlight tourism’s role in sustainable development through collaboration between media, government, and industry stakeholders. By enhancing awareness, providing training, and supporting impactful projects, CMEx continues to uplift Caribbean communities and strengthen the region’s global presence.

CMEx says it remains dedicated to making a meaningful impact across the Caribbean by empowering youth and communities through tourism, education, and strategic partnerships. Our mission centers on fostering sustainable career pathways in tourism, broadening access to educational opportunities, and collaborating with organizations committed to advancing sustainable tourism practices.