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Guyana, Afreximbank Launch US$1 Billion Oil Services Financing Facility

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News Americas, New York, NY, May 27, 2025: The Government of Guyana and the African Export-Import Bank (Afreximbank) have officially launched a US$1 billion financing facility aimed at strengthening the participation of local businesses in the country’s booming oil and gas sector.

Senior Minister in the Office of the President with Responsibility for Finance and the Public Service Dr. Ashni Singh, c., with the Afrexim team.

Unveiled recently at the Marriott Hotel during a two-day roadshow themed “Empowering Local Content Participation for Sustainable Prosperity,” the initiative follows high-level discussions between President Irfaan Ali and Afreximbank President Benedict Oramah earlier this year. The facility is intended to deepen Caribbean-Africa trade ties while ensuring local enterprises benefit from Guyana’s oil wealth.

Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr. Ashni Singh, lauded the launch as a milestone in economic cooperation. “This generation must move beyond cultural ties and capitalize on the untapped commercial opportunities between our regions,” he said. He urged the local private sector to explore the bank’s financial products and engage in meaningful transactions.

Afreximbank’s Regional COO, Okechukwu Ihejirika, reaffirmed the Bank’s commitment to implementation, emphasizing that local businesses must have a stake in the country’s energy-driven prosperity.

The facility is a key step in expanding access to competitively priced financing for Guyanese companies.

EXXON/CHEVRON FIGHT

The facility comes as a high-stakes legal battle between U.S. oil giants ExxonMobil and Chevron over Guyana’s lucrative Stabroek oilfield begins this week in London arbitration. At the center is a 30% stake in the field, held by Hess Corporation, which Chevron agreed to acquire for $53 billion. Exxon, already holding a 45% share, argues it has first refusal rights under a joint operating agreement. The outcome could reshape future oil contracts and corporate takeovers. The Stabroek block, with over 11 billion barrels in reserves, is a key growth asset for both companies and a major revenue source for Guyana.

These Are the Freest Caribbean Economies In 2025—Is Your Country On The List?

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News Americas, New York, NY, May 15, 2025: Wondering how economically free Caribbean nations are? According to the 2025 Index of Economic Freedom from The Heritage Foundation, the region is mostly economically free, with several countries outperforming both global and regional averages.

BarBarbados leads the region with a score of 68.9, ranking 36th globally out of 184 countries and 5th in the Americas, placing it firmly in the “moderately free” category. It is followed closely by Jamaica (68.7, 38th) and Saint Lucia (67.0, 47th), showcasing the region’s continued push for open markets, efficient regulations, and growth-friendly policies.

The Bahamas, with its tax-free model and steady macroeconomic management, ranks 72nd globally with a score of 63.2, also considered “moderately free.” While still performing above global and regional averages, institutional improvements are needed to ensure sustainable economic growth.

Here’s how Caribbean nations ranked in the 2025 Index of Economic Freedom:

Barbados – 68.9 (36th globally)

Jamaica – 68.7 (38th)

Saint Lucia – 67.0 (47th)

Dominican Republic – 64.3 (65th)

Belize – 64.2 (66th)

Trinidad and Tobago – 63.6 (69th)

The Bahamas – 63.2 (72nd)

Saint Vincent and the Grenadines – 60.1 (87th)

Guyana – 58.2 (99th)

Dominica – 55.3 (116th)

Suriname – 50.9 (144th)

Haiti – 46.1 (163rd)

Cuba – 25.4 (175th)

At the bottom of the list, Cuba and Haiti are classified as “repressed” economies, facing entrenched challenges such as rigid state control, corruption, and weak legal institutions.

Despite variations in rankings, most Caribbean nations fall within the “moderately free” category, signaling a generally positive outlook for investment, private-sector growth, and economic development in the region.

Caribbean Economies Are Beating Latin America – Here’s Why

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News Americas, New York, NY, May 15, 2025: Caribbean nations are outpacing their Latin American neighbors in economic performance, according to a latest World Bank analysis. With tourism rebounding and oil-driven growth in Guyana, the region is solidifying its post-pandemic recovery and emerging as a model for economic management and fiscal discipline.

Tourism-dependent economies such as Barbados, Saint Lucia, and the Dominican Republic have returned to, or exceeded, pre-pandemic levels of GDP. For some, tourist arrivals have even reached pre-COVID-19 numbers, signaling a cooling in the sector’s explosive growth, while others still have room to grow.

Guyana continues to stand out with sustained GDP expansion, fueled by oil exploration and exportation that began in earnest in 2020. The country’s transformation into one of the fastest-growing economies in the world exemplifies the region’s new economic frontiers.

Inflation trends also show a marked divergence from Latin America. Thanks to widespread currency pegs in the Caribbean, the inflation spike of 2022–2023 was more subdued. However, nations like Jamaica and the Dominican Republic – operating under inflation-targeting regimes—experienced more pronounced and persistent inflation pressures. Since 2023, however, prices have been stabilizing, bringing inflation under better control across the region.

Jamaica’s innovative use of the Economic Programme Oversight Committee, (EPOC), to ensure fiscal transparency and build public trust has earned recognition from the World Bank as a potential model for broader adoption in the Latin America and Caribbean, (LAC) region.

Meanwhile, Barbados and Belize – long challenged by high debt burdens – have made significant strides through ambitious fiscal reforms. Both countries have achieved substantial reductions in their debt-to-GDP ratios, showcasing fiscal responsibility and resilience.

The World Bank’s assessment paints a hopeful picture for the investing in the Caribbean, positioning it not only as a recovery leader but also as a source of policy inspiration for the broader LAC region.

Luxury In Paradise: This New Resort Is Set For This Caribbean Island

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News Americas, New York, NY, May 13, 2025: A new era of ultra-luxury tourism is set to begin in The Bahamas with the arrival of Amancaya, a $260 million resort and residence development by world-renowned hospitality brand Aman. The major project, which will be located in Exuma, reflects growing global investor confidence in The Bahamas as a top destination for high-end, sustainable tourism.

Spanning two private cays, Amancaya marks Aman’s official debut in The Bahamas, bringing its elite brand of exclusivity and elegance to the country’s tourism landscape. The development is expected to create over 500 jobs—200 during construction and 300 permanent roles—while offering significant support to local businesses and entrepreneurs, expanding training and career opportunities, and driving long-term economic development in Exuma.

Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments & Aviation, described the project as a transformative moment for The Bahamas: “Aman’s entry into The Bahamas reflects the strength of our tourism sector as a premier luxury destination and the growing demand for eco-friendly sustainable development. Aman’s ultra-luxury lifestyle brand is a good fit for Exuma, and we look forward to the groundbreaking of this investment that will deliver meaningful, measurable long-term impact.”

With Amancaya set to join the country’s luxury offerings, The Bahamas continues to position itself as the Caribbean’s leading destination for elite travelers and innovative tourism ventures. This new project reinforces national efforts to attract high-value developments that align with both economic goals and environmental sustainability.

The resort’s launch is a powerful signal to the global market: The Bahamas is not only open for business – it’s ready to redefine luxury.

Jamaica’s Largest Solar Plant Just Got a New Owner

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News Americas, New York, NY, May 5, 2025: Jamaica’s largest solar energy plant has just been snapped up – marking a bold new move in the Caribbean’s clean energy revolution.

InterEnergy Group, a top player in Latin America and the Caribbean’s clean energy sector, has officially acquired the Paradise Park solar plant from Eight Rivers Energy Company (EREC), boosting Jamaica’s renewable future and reinforcing its position as a regional energy trailblazer.

Located in Westmoreland, the 51 MWp facility is Jamaica’s largest photovoltaic (PV) plant, operational since 2019. It generates over 80 GWh of clean electricity annually and offsets more than 13,500 tons of CO₂ – equivalent to powering 20,000 Jamaican homes every year.

“This acquisition aligns with our vision for a more sustainable energy future,” said Rolando González Bunster, InterEnergy’s CEO and Chairman. “Jamaica stands out as a remarkable example of the transformative power of clean energy.”

What This Means for Jamaica and the Region

With this deal, InterEnergy’s total renewable capacity in Jamaica now exceeds 85 MW, and it’s not stopping there. The company has plans to add 110 MW of new renewable projects across the Caribbean and Central America—making it one of the largest regional drivers of clean power.

InterEnergy, already the largest independent power producer in Jamaica, says this move strengthens both energy reliability and sustainability.

“Our 250 MW thermal capacity is the backbone of national stability,” said Dr. Wayne McKenzie, InterEnergy’s Country Manager for Jamaica. “With the addition of Paradise Park, we’re not just expanding – we’re ensuring a secure and resilient energy future for Jamaica.”

A Clean Energy Powerhouse in the Making

With more than three decades of experience, InterEnergy operates across the Dominican Republic, Panama, Mexico, Chile, Uruguay, Puerto Rico, and more. The company now boasts over 80% of its 2.5 GW portfolio in renewable and low-emission energy, including natural gas, solar, and wind.

The Paradise Park acquisition is not just another business deal – it’s a powerful signal that the Caribbean is leaning all-in on clean energy innovation.

ISS Supports Parkland’s Experienced Directors; Raises Concerns with Simpson’s Control Effort

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CALGARY, AB, April 29, 2025 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland” or “the Company”) (TSX: PKI) today commented on the report1 issued by Institutional Shareholder Services Inc. (”ISS”), a leading independent proxy advisory firm, regarding the election of directors at Parkland’s Annual General Meeting scheduled for May 6, 2025. In addition, Parkland’s Executive Chairman, Michael Jennings released a short video to all shareholders. It can be viewed here.

ISS affirmed that Simpson Oil Limited (”Simpson”) has failed to meet the high bar required to justify a control slate, stating explicitly:

“… the bar for a control slate is high, and the dissident has not cleared it outright.”

ISS also highlighted significant deficiencies in Simpson’s proposed business strategy, noting:

“The dissident’s plan is light on details regarding capital allocation and which businesses would be potential divestitures, where specific cost savings would be identified and what a potential timeline for realization would be.”

“…the lack of detail provided makes it difficult for shareholders to objectively assess the dissident’s execution of its plan, if it is successful in this campaign, and as such does not warrant full control of the board.”

Further, ISS has recommended withholding support from Simpson’s nominee Mark Davis, who is also their proposed interim CEO, illustrating concerns over Simpson’s lack of depth and clarity in leadership transition planning.

In contrast, ISS endorsed Parkland’s recent strategic initiatives, including the ongoing strategic review and the comprehensive CEO search, emphasizing that Parkland’s Board is appropriately structured to oversee these processes and deliver value to all shareholders.

The choice for shareholders is clear: a vote for Parkland’s nominees is a vote for an experienced, diverse, and independent Board stewarding a credible and thorough strategic review and acting in the best interest of all shareholders.

Reminder: Continue Voting ONLY the BLUE Proxy ‘FOR’ the Parkland Nominees

Regardless of the recommendations issued by the proxy advisors, Parkland urges all shareholders to continue ONLY voting ‘FOR’ Parkland’s nominees on the BLUE Proxy ensuring the Company continues to be led by directors committed to rigorous governance and maximizing value for all shareholders. The deadline for voting is May 2, 2025, at 9:00 a.m. (Mountain Time).

Shareholders needing voting assistance may contact Kingsdale Advisors at 1-888-518-6832 (toll-free in North America), 1-647-251-9740 (text and call enabled outside North America), or email contactus@kingsdaleadvisors.com. Please visit www.ourparkland.ca for additional information about the Parkland Nominees and reasons to only vote the BLUE Proxy.

About Parkland Corporation

Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the Americas. Our retail network meets the fuel, and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers’ needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance.

Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community, and respect, which are embedded across our organization.

Forward-Looking Statements

Certain statements contained herein constitute forward-looking information and statements (collectively, “forward looking statements”). When used in this news release, the words “aim”, “continue”, “expect”, “will”, “would” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: Parkland’s Annual General Meeting of Shareholders and the expected timing thereof.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These forward-looking statements speak only as of the date hereof. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; Parkland’s Annual General Meeting of Shareholders and the results thereof, Parkland’s ability to execute its business strategy; action by other persons or companies; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” in Parkland’s current Annual Information Form, and under the headings “Forward-Looking Information” and “Risk Factors” in Parkland’s Management’s Discussion and Analysis for the most recently completed financial period, each as filed on SEDAR+ and available on Parkland’s website at www.parkland.ca. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Guyana’s Oil Output Climbs Year-On-Year

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News Americas, New York, NY, April 27, 2025: Guyana’s oil production saw a slight dip in March 2025, falling about 3% to 627,000 barrels per day (bpd) from the previous month. Yet, the small South American CARICOM nation continues to solidify its position as one of the region’s fastest-rising energy giants.

According to new data from the Ministry of Natural Resources, Guyana’s first-quarter production reached an impressive 631,000 bpd—3% higher than the same period last year, underscoring a strong year-on-year growth trend.

Now ranked as Latin America’s fifth-largest oil exporter, behind only Brazil, Mexico, Venezuela, and Colombia, Guyana is poised for even greater expansion. The country’s output is set to soar later this year with the start-up of Yellowtail, ExxonMobil’s fourth major offshore project. The addition of a new floating production, storage, and offloading (FPSO) vessel this month is expected to lift the nation’s oil capacity to an estimated 940,000 bpd.

The Guyanese government projects that by the fourth quarter of 2025, average daily output will rise sharply to around 786,000 bpd, cementing Guyana’s status as a critical player in the global energy market.

Meanwhile, ExxonMobil and its consortium partners are nearing final agreements with the government to relinquish portions of the vast Stabroek Block that have not been explored or yielded commercial finds. The government confirmed that at least 2,534 square kilometers (approximately 253,400 hectares) will be returned, creating opportunities for new entrants into Guyana’s booming energy sector.

Oil revenues are also on a robust trajectory. The Ministry of Finance reported $605.46 million earned from royalties and crude sales in the last quarter of 2024 alone, including proceeds from seven cargoes sold from the government’s share.

As global energy dynamics shift, Guyana’s consistent production growth and strategic resource management continue to position it as a rising powerhouse in the Americas, with even bigger gains on the horizon.

Three Caribbean Nations Named Global Leaders In Financial Transparency

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News Americas, New York, NY, April 28, 2025: Three Caribbean nations are making waves globally for their leadership in financial transparency and crime prevention, according to the newly released 2025 Nasdaq Global Financial and Economic Crime Outlook from the Secretariat Economic Crime Index (SECI).

Saint Vincent and the Grenadines, Dominica, and Barbados have been ranked among just 19 countries worldwide labeled “Transparent Titans” — a distinction awarded for strong enforcement, global compliance, financial integrity, and proactive cross-border risk management.

Saint Vincent and The Grenadines ranked at number one for the Caribbean among global “transparent titans” in the 2025 Nasdaq Global Financial and Economic Crime Outlook from the Secretariat Economic Crime Index.

Saint Vincent and the Grenadines secured the 14th spot globally, Dominica ranked 17th, and Barbados 19th. SECI scores for these nations ranged from 0 to 1.53, demonstrating their commitment to robust anti-financial crime frameworks, due diligence, and enforcement mechanisms.

These Caribbean countries stand shoulder-to-shoulder with global leaders such as Finland, Denmark, Iceland, Luxembourg, and Estonia, who top the 2025 list for their transparency and financial crime prevention efforts.

While governance and transparency typically lower financial crime risks, many financial hubs remain exposed due to the size and scope of their cross-border activity. Nonetheless, Saint Vincent, Dominica, and Barbados have risen to meet these challenges through proactive regulation and strict oversight.

Several other Caribbean nations also performed commendably, landing among the “Vigilant Players” — a category for countries actively strengthening financial crime regulations. St. Lucia, Grenada, The Bahamas, Trinidad and Tobago, the Dominican Republic, and Jamaica were all listed in this group, with SECI scores between 1.54 and 2.18.

Meanwhile, Guyana and Suriname were categorized as “Reactive Reformers,” highlighting the need for accelerated regulatory reforms to combat illicit financial flows and systemic economic crime risks.

“Countries must catch up to the rapidly evolving financial crime landscape,” the report urged. “By sharing transparency and working together, we can unmask criminal networks and hold bad actors accountable.”

The Secretariat called for stronger cross-border collaboration and reinforced regulatory frameworks to build a safer, more resilient global financial system.

Caribbean Nations Power Up Renewable Energy Push With $110M Regional Investment Facility

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News Americas, New York, NY, April 24, 2025: In a landmark step toward transforming the Caribbean’s energy landscape, the World Bank has approved a major new initiative designed to boost renewable energy across the region. The Caribbean Resilient Renewable Energy Infrastructure Investment Facility, officially announced on April 17, 2025, will provide US$110 million to strengthen clean energy systems in Grenada, Saint Lucia, and Saint Vincent and the Grenadines, with additional countries eligible to join over time.

workers installing solar panels on a villa roof in the Caribbean. St. John, United States Virgin Islands

Developed in collaboration with the Eastern Caribbean Central Bank and regional governments, the initiative aims to reduce the Caribbean’s dependence on expensive imported fossil fuels, which currently power over 90% of the region’s electricity.

“Across the Caribbean, residents are paying some of the highest electricity prices in the world,” said Lilia Burunciuc, World Bank Division Director for the Caribbean. “This project is about lowering costs, improving reliability, and investing in a more affordable and secure energy future for Caribbean communities.”

A Bold Shift Toward Energy Resilience

Between 2016 and 2021, fossil fuel imports in the Eastern Caribbean cost an average of $444 million per year, accounting for more than 15% of total imports. Despite growing demand for greener energy, renewable sources made up just 11.6% of the region’s electricity generation by 2022. The barriers have been considerable: small-scale projects, weak regulatory frameworks, under-resourced grids, and high vulnerability to natural disasters.

This new facility seeks to address those issues head-on. It will:

Aggregate projects across countries to reduce costs and attract private sector developers.

Modernize transmission and distribution infrastructure, including battery energy storage systems.

Mobilize up to $120 million in commercial credit using partial credit guarantees.

Launch a new insurance product to protect renewable energy infrastructure from natural disasters.

Training, Jobs, and Long-Term Impact

Beyond infrastructure, the initiative will invest in skills training, technical assistance, and educational scholarships to support a new generation of energy professionals in the Caribbean. This includes apprenticeship programs and regulatory support to streamline project development.

“This Facility is a game-changer,” said Timothy Antoine, Governor of the Eastern Caribbean Central Bank. “It helps us strengthen capacity, enhance energy security, and lower electricity costs. We’re building the foundation for a cleaner, more competitive regional economy.”

The project is supported through the World Bank’s International Development Association (IDA), along with funding from the Climate Investment Fund, the Energy Sector Management Assistance Program, and the Canada Clean Energy and Forests Climate Facility.

As climate resilience becomes a global priority, the Caribbean is positioning itself as a leader in sustainable energy transition—turning today’s challenges into tomorrow’s opportunities.

From Boom To Cooldown: IMF Slashes 2025 Caribbean Growth Forecast After Record Year

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News Americas, New York, NY, April 22, 2025: The International Monetary Fund, (IMF) is now forecasting a marked economic slowdown for the Caribbean in 2025, projecting regional growth to decline to 4.2%, down sharply from a remarkable 12.1% surge in 2024.

Tourists board a Tropic Air plane at the Sir Barry Bowen Municipal Airport in Belize City on April 17, 2025. (Photo by JOSE A. SANCHEZ/AFP via Getty Images)

This latest outlook, published in the IMF’s April 2025 World Economic Outlook report, attributes the earlier boom to a strong post-pandemic rebound in tourism, which is now beginning to normalize. The revised forecast comes amid broader concerns about slowing global growth tied to rising trade tensions driven by new U.S. tariffs under President Donald Trump.

The IMF’s Chief Economist, Pierre-Olivier Gourinchas, emphasized the impact of these policies, stating that “the global economic system that has operated for the past 80 years is being reset,” citing historically high U.S. tariff rates and a rise in policy uncertainty.

Despite the slowdown, several Caribbean nations are still expected to record solid growth, albeit at more modest levels than in 2024. Guyana remains a standout performer, with a projected 10.3% GDP growth in 2025, though that’s a steep drop from the astonishing 43.6% recorded in 2024.

Caribbean GDP Growth Forecasts for 2025 (Highest to Lowest)

CountryGDP Growth Forecast (%) – 2025Guyana10.315Dominica4.22Dominican Republic4.021Grenada3.892Suriname3.202Belize3.218Barbados3.000Antigua and Barbuda3.048St. Lucia3.035St. Vincent and the Grenadines4.7Guatemala4.1Aruba2.2Jamaica2.1St. Kitts and Nevis1.964Trinidad and Tobago2.367The Bahamas1.8Haiti-1.0

Tourism, remittances, and economic ties with the U.S. continue to support the region, though the general slowdown in global trade is dampening momentum.

In contrast, Haiti remains in economic distress, with the IMF forecasting a continued contraction of -1% in 2025, though this marks an improvement from -4.2% in 2024.

Meanwhile, Latin America’s overall growth is also projected to slow to 2.0% in 2025 from a previously estimated 2.5%, with Mexico seeing a negative forecast of -0.26% next year.

The Caribbean, while still projected to grow, must now navigate a more uncertain global environment shaped by geopolitical tensions and shifting trade dynamics.