Black Immigrant Daily News

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The Caribbean Public Health Agency (CARPHA) stated on Monday that Member States should continue to remain on high alert for the importation of viral or other infections and monitor in country syndromic surveillance systems for increases in fever and rash illnesses.

 “At CARPHA we coordinate public health policy and work closely with our Member States and other public health partners to respond to public health issues. As part of our regional public health management, we provide assistance to Member States through the development of tools for investigation and epidemiological monitoring, and personnel are prepared to respond in country to assist in the investigation and control of outbreak, should the need arise,” stated Dr. Joy St. John, Executive Director at the Caribbean Public Health Agency.

 Dr. St. John further stated “We know that diseases do not recognize borders, and international travel makes us aware that no borders are secure from the threat of diseases, especially infectious ones.  At this time, Member States are in various stages of easing of restrictions for COVID-19 which severely impacted the Region.”

 CARPHA is monitoring the spread of the monkeypox virus – looking at prevention and control. We have also commenced testing for the monkeypox virus.

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At this time, CARPHA does not recommend restrictions on entry of persons from any country. Working alongside our Member States, we will support activities and educate the public to protect the health of all within their borders.

 Source: Caribbean Public Health Agency. Headline photo: Stock image

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Black Immigrant Daily News

The Cayman Islands Development Bank (CIDB) has CI$15 million to lend Caymanian mortgage seekers and is offering qualifying borrowers interest rates as low as 3.75 per cent for two years, which is significantly below the current prime rate.

The funds are available to buy or build a home, and for mortgage refinancing. The CIDB can lend each borrower up to CI$600,000 for up to a 30-year term. This offer was announced in the last meeting of Parliament and recently launched with an advertising campaign that has gained significant interest among prospective borrowers

Explaining the reasons behind CIDB’s new offering, Deputy Premier and Minister for Finance & Economic Development, Hon. Chris Saunders said:

In an environment of rising interest rates and increasing property costs, we are seeking ways to make borrowing more affordable for Caymanians. The two-year fixed rate is significantly better than current offerings at the local commercial banks, especially as we have seen the U.S. Federal Reserve raise the prime rate last month, with more hikes likely to come over the course of the year. We have found that rising interest rates have provided another barrier to local home ownership.

While we do not have the funds that the commercial banks have, we must do what we can with what we have. The situation for first time Caymanian buyers was becoming increasingly difficult, and we had to find ways to encourage and facilitate Caymanian home ownership.

The Deputy Premier noted that the Government’s Strategic Policy Statement pledges to “provide solutions to improve the well-being of our people so they can achieve their full potential” as part of Broad Outcome Number 3 out of a list of ten such aims. Part of this broad outcome, he explained, is to “provide adequate and affordable housing in our communities”.

Deputy Premier Saunders outlined several initiatives aimed at achieving this goal, including offering Government guaranteed home-assisted mortgages; the provision of quality affordable housing; lowering the cost of borrowing through CIDB programmes; and reducing stamp duty on land for Caymanians.

Minister with responsibility for Housing, Hon. Jay Ebanks welcomed the initiative by the CIDB and said:

These are undoubtedly challenging times, but it is in such times that we, as a Government, must rise to the challenge and empower our people to do the same. Home ownership is an integral aspect of a society’s stability and affluence, and of building personal and family wealth. Owning a piece of the Cayman rock is the foundation of the Caymanian dream. Too many of our people have felt locked out of that dream. This must, and will, change. I am looking forward to the smiles on the faces of our people – parents, grandparents, children – when instead of being locked out, they can turn the keys in the lock of their own front door.

CIDB Board Chairman Mark Scotland offered some more detail on the CIDB’s lending programmes.

The current focus is providing two-year term, fixed rates to assist Caymanian families that are contending with inflation and the possible threat of foreclosure. This fixed rate product provides a level of certainty and security in these inflationary times with rising interest rates affecting mortgage payments. Customers can sleep easy knowing they won’t have to worry about rising interest rates over the next two years as their payments would be fixed.

Scotland said.

Of the fixed-rate mortgage offer he explained that “within two weeks of launch, the bank already had $3 million in its pipeline under consideration and this figure is expected to double over the coming weeks.”

The bank has utilised a tiered interest rate system to address risk and avoid a potential increase to its provisioning for bad debt. Financing is offered up to 30 years to assist with lowering monthly payments. Unlike a commercial bank, the CIDB has the flexibility to extend these rates after the two-year fixed term as the bank’s debt to its bondholders will be extinguished in three years.

The programme is not only appealing to middle income earners but higher income earners that see an opportunity to switch to free up cash for other investment opportunities. This has also had the effect of encouraging the commercial banks to offer some lower rates to retain customers so the migration to CIDB may slow down but new mortgage growth will continue to increase for the bank.

Scotland continued.

In addition to the fixed rate mortgage offer, Mr. Scotland noted that the CIDB also has a lending programme in place for affordable homes to be constructed by the National Housing Development Trust (NHDT) with 100 percent financing available, as well as a land loan scheme with interest rates offered based on the same tiered system as with the current mortgage programme.

In keeping with the Government’s intention to remove barriers to Caymanian home ownership, Mr. Scotland said the mortgage sector would remain of key importance to the CIDB in the next year.

The role of the CIDB is to support the economic growth and development of the country by making available financing primarily for housing, education, and business purposes. The CIDB has been doing this since its inception and from the overall perspective we will continue. With the various factors that are contributing to increasing housing costs for young Caymanian families, I see the role of the bank becoming much more important in facilitating access to housing in an affordable way. Adequate housing is a basic human right and the CIDB sees it role in working with the Government to ensure this as an important one.

Scotland explained.

(Source: Cayman Islands Government)

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Zorisha Hackett –

The Tobago House of Assembly (THA) is aiming to provide a “more sustained” remedial programme for the island’s vacation revision programme, says Assistant Secretary at the Division of Education, Research and Technology Orlando Kerr.

In Trinidad, more than 2,700 out of a targeted 9,000 students have registered for remedial classes at 26 secondary schools for remedial classes during the July-August vacation period. The programme, by the Ministry of Education, started on Monday and will end on August 12. It caters for students who scored below 50 per cent in the Secondary Entrance Assessment (SEA) exam.

Kerr told Newsday on Monday, plans for such classes in Tobago are yet to be finalised.

“We are looking at a more sustained programme. We’re not just looking at the vacation period, because we are of the view that that would not be enough.”

While he couldn’t give an exact start date or additional details, he was confident the programme would begin during the vacation period and continue into the start of the new school year in September.

“We’re going to look at the numbers and look at how best we can have that done in terms of having the tutors in the schools to help those students who are having challenges.”

After the release of the SEA results on July 7, Secretary Zorisha Hackett said there has been a significant decline in the performance of Tobago students. She said 278 students passed for their first choice, and 128 students are required to re-sit the exam.

Giving a breakdown of the mean scores, Hackett said the average was 33.8 per cent in maths and for English language and creative writing, 39.4 per cent and 39.9 per cent respectively.

She said 296 students (29.6 per cent) scored above the national mean in maths, 390 students (39.6 per cent) scored above the national mean in English language and 391 students (39.7 per cent) in creative writing.

She said the results suggest there is much work to be done, not just at SEA level but in all classes leading up to standard five.

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As Guyana pushes forward in the direction of constant development to accommodate its ever-growing economy due to the boost of its oil sector, many business owners have recognised the need for a sustainable, state-of-the-art hospitality sector as Guyana’s economic growth would inevitably transcend its tourism sector.

One business enterprise that recognises this is R&S Investment Inc, an investment company comprising both local and international shareholders.

R&S Investment Inc will soon open doors to its 248-room and 60 retail stores Royal International Hotel & Mall, a state-of-the-art facility currently under construction at Sheriff Street, Georgetown.

The facility when completed will cost in excess of US$50 million. Spokesperson of R&S Investment Inc, Jason Chan told this publication in an interview that the multimillion-dollar hotel and shopping facility took many years to become a reality.

The idea for the massive investment was first brought to light in 2008 after the shareholders of R&S Investment Inc realised that Guyana was in a need of a world-class shopping centre and a high-standard economic hotel.

“The idea was first birthed in 2008; when it was realised that Guyana was in need of a world-class retail shopping facility that provided multiple stores under one roof; similar to those in first western and larger countries. Also, at the time, there were not many options in relation to high-standard economic (boutique form) hotels in Guyana.

From this, the ideas meshed and the vision for Royal International Hotel & Mall was birthed.”However, finding a suitable name for the business was tricky.

“Initially, we were set on the name Royal Orchid International Hotel & Mall as the establishment was located next to the Gardens and the relationship between gardens and flowers such as orchids. However, because of the length of the name; we decided to shorten the original format, making it Royal International Hotel & Mall.”

Chan said that the multimillion-dollar hotel and mall will seek to provide a different experience for both tourists and locals alike as it would be the only hotel and mall under one roof in Guyana.

“We’ll be the only hotel and mall under one roof in Guyana. Convenience, relaxation, entertainment, shopping, stay, good for tourism – everything in one place,” Chan explained.

The dual complex, when fully opened, will have a 248-room hotel, 3 major restaurants, an approximately 15-stall food court, a gym facility, an adult gaming facility, 3 bars/clubs, 2 movie theatres, a children’s fun park, and approximately 60 retail business stores – an attractive royal palace.

Chan revealed that every customer who will walk the halls of the complex will be treated as royalty.

“Why Royal – well simply because we seek to provide service with a different experience. Every customer of our hotel and mall will be treated like royalty and experience customer service par excellence and second to none.”

R&S Investment Inc has pumped US$25 million into the new venture, but Chan has said that with various clients who will invest in their individual stores, investments in the hotel and mall complex might exceed US$50 million.

“R&S Investment Inc has carried out the main layout for the hotel and mall with an initial cost of US$25 million. We will collaborate with various clients who will invest in their individual stores which would run to another approximately US$25 million,” he said.

Though still under major construction, a gym and a few other parts of the facility have been opened. Before the end of the year, one restaurant and three bars will be opened, and by May next year, the mall will begin a staged opening. By the end of 2023 “we do hope for a complete opening and full launch”.

Once operational, the new facility is expected to directly create 150 jobs, employing persons to work in the hotel and mall, inclusive of the restaurants. Indirectly, through the stores and other businesses at the mall, approximately 250 more jobs will be created.

Chan explained that since the commencing of construction, they have faced similar challenges as all other businesses at the preparation stage, including, but not limited to the access to finance.

However, Chan expressed that there were also Human Resource (HR) challenges which included having a steady and stable workforce in the construction.

He added, “Moreover, this is the first time that we experienced some of the challenges we did in the sector we operate in so it has been a progressive learning experience.”

Nevertheless, he expressed how grateful everyone involved in the investment is for the “advice from older more seasoned businessmen in Guyana and from the private sector and local chamber”.

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