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Macroprudential policy and productivity: Friends not foes

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Macroprudential policy and productivity: Friends not foes
    • Amid ongoing concerns over European productivity growth, this ECB Blog post looks at the relationship between macroprudential policy and productivity

By Ellen Ryan 

Recent years have seen rising – and well-founded – concerns over European productivity growth. As these concerns grow a suspicion emerges: is regulation to blame for the sluggish economy? This post looks at this question in the context of macroprudential regulation and argues that macroprudential policy can actually support productivity growth, by helping to prevent crises and keep credit flowing where it matters most.

Macroprudential policy is a form of regulation that focuses on the overall resilience of the financial system. The use of macroprudential policies has expanded significantly since the financial crisis of 2008. All euro area countries currently implement some form of macroprudential capital requirement for their banking system. This means that banks need to hold additional capital to make themselves resilient to shocks that affect the financial system as a whole. This is on top of what banking supervision requires of them individually. Almost all of these countries also have limits in place to curb risky mortgage lending.

Admittedly, this can come at a cost. Overly complicated or unnecessary regulation can put the brakes on banks’ ability to support the economy, which could in turn hamper productivity growth. That is why the ECB strives to improve the effectiveness of its macroprudential policies and is contributing to the simplification of Europe’s regulatory frameworks.  We need as little bureaucracy as possible, and as much as necessary. Simplification of financial regulation can support capital accumulation in the real economy, thereby fostering investment, productivity and job creation over the longer term. At the same time, financing innovative firms often relies more heavily on equity and venture capital than on traditional bank lending, underscoring the importance of broader capital market development.

However, policymakers have stressed that lightening the bureaucratic burden of financial regulation should not result in the loosening of financial regulation. Simplification does not mean deregulation. But if deregulation could increase banks’ capacity to fund new innovative firms, then why not? Wouldn’t this boost European productivity growth?

Macroprudential policy has two main goals. Its primary goal is to build resilience in the financial system so that it can withstand crises. Its secondary goal is, where possible, to guard against the overconfidence and lack of caution typical of financial booms. Both macroprudential policy goals come with benefits for productivity growth. Financial crises have large and persistent adverse effects on long-term economic growth. By reducing the likelihood and severity of such crises, macroprudential policy also helps limit these long-lasting productivity losses. In addition to causing financial crises, financial booms can drive a misallocation of economic resources towards less productive sectors, particularly real estate. Macroprudential policy can lean against this misallocation.

Financial crises are bad for productivity growth…

As far as the first policy objective is concerned, one lesson from past crises cannot be overstated: financial crises are bad for productivity.

Financial crises are characterised by a sharp drop in the availability of credit. When banks cut their lending, firms tend to invest and innovate less and are more likely to go out of business. Growth in output per worker falls by 0.55 percentage points during the typical banking crisis.

Also, the innovation that drives productivity growth is a cumulative process – inventions often build on what came before. Even when economic activity recovers, it can take a long time to regain momentum after an innovation process has been cut short. Meanwhile, high unemployment can result in the deskilling of workers. The average banking crisis entails an additional long-term 1.1 percent drop in output per worker for each year it lasts.

For a typical five-year banking crisis, these short and long-run effects add up to an 8 percent total decline in output per worker. To put this number in context, since the year 2000 output per worker in the euro area has grown by an average of less than 1 percent per year. Financial crises leave productivity scars that can take many years to heal.

Where macroprudential policies build the resilience of the financial system to this type of outcome, they can help shield productivity growth from the worst effects of financial crises. A key policy tool here are macroprudential capital buffers – such as the countercyclical capital buffer (CCyB) – which require banks to build up capital in good times so as to increase their resilience when a crisis hits.

Of course we cannot just look at the benefits; we have to consider the costs as well. For example, do higher capital buffers reduce banks’ capacity to lend to (productivity-enhancing) firms in the short run? In fact, studies show that the medium-term resilience gained from macroprudential policies actually comes with limited short-term costs. The post-2021 tightening of macroprudential capital buffers in the euro area has had a minimal impact on overall credit supply by banks, with only a small number of the most capital-constrained banks cutting back on lending.

…. and so are (real estate) booms

Macroprudential policy’s secondary objective can also help boost productivity. Here it should be noted that macroprudential policy does not seek to reduce credit growth in general; its goal is to guard against the excesses that tend to arise during financial booms. These typically consist of very rapid credit growth combined with a rapid rise in asset prices. We know from past experience that this combination is particularly dangerous and, unfortunately, particularly common, when the asset in question is real estate.

But why is this relevant to productivity growth? Credit and real estate booms divert valuable economic resources away from productive firms and towards less productive activities that benefit from rising house prices. In particular, during financial booms credit tends to flow to firms with appreciating tangible assets rather than to more innovative firms that would use it more productively. Indeed, previous ECB research has specifically highlighted euro area banks’ disproportionate real estate exposures, despite this sector’s limited contribution to economic growth.

The literature suggests that the impact of this misallocation during financial booms is sizeable. In the run-up to the 2008 financial crisis, rising house prices increasingly diverted banks towards unproductive mortgage lending and away from productive corporate lending: a one standard deviation increase in house prices in a given region in the United States reduced local banks’ corporate lending by 42.3 percent and corporate investment by 20.9 percent. During the average credit boom 70 percent of new credit goes to households and the less productive non-tradeable sector. And this leads to falling productivity.

Misallocation can also occur within sectors: the misallocation of credit among Spanish manufacturing firms – to those that owned appreciating real estate, as opposed to productive firms – accounted for 40% of the decline in productivity in the Spanish economy between 2003 and 2007. Rising real estate prices create a particularly strong disincentive for banks to lend to the innovative, R&D-intensive firms that lead productivity growth. Intangible assets such as intellectual property typically make for less attractive forms of collateral than the appreciating real estate often owned by less productive firms.

And what about macroprudential policy? Recent work by Nobel Prize winner Joseph Stiglitz argues that financial regulation that limits the relaxation of lending standards on real estate-collateralised loans during a financial upswing is required to mitigate this misallocation dynamic. Macroprudential policymakers refer to these types of regulations as borrower-based measures (BBMs). BBMs are limits placed on banks’ mortgage lending which restrain their capacity to lend above certain risk metrics. For example, certain multiples of a borrower’s income or certain loan-to-value levels. By directly limiting banks’ capacity to shift towards risky real estate lending, these policies can help counter this misallocation. In some cases they can even limit the excessive house price growth driving the misallocation in the first place. BBMs also make both borrowers and lenders more resilient to financial downturns, thus also making severe (productivity-destroying) financial crises less likely.

Macroprudential policy helps foster a stable environment

Of course, ever-tightening macroprudential policy will not result in ever-growing productivity, and macroprudential policy should continue to be set on the basis of financial stability concerns. However, by increasing the resilience of the system to financial crises and by leaning against the misallocation of resources during financial booms, ambitious macroprudential policy can help create a stable environment. And this is good for productivity growth.

At the same time, further policy action is required to boost European productivity. For now, macroprudential policy primarily targets the banking sector. However, ECB research has highlighted the importance of non-bank financing – such as financial markets and equity investors – for funding risky innovative projects that drive productivity growth. Achieving a more diversified external funding structure in Europe, including through further progress on the capital markets union, could help boost the productivity of euro area firms, which would also benefit financial stability.

Where undue complexity in the (macroprudential) regulatory framework places an undue burden on banks this should also be addressed, but it is in everyone’s interest that we maintain the resilience of the financial system while doing so.

People, place, power, social sustainability and tourism

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People, place, power, social sustainability and tourism

By Johnny Coomansingh

In every country, there are good people. There are also ‘not-so-good people.’ The not-so-good people fall into several categories, including rebellious people, uncooperative people, hostile people, nasty people, and disobedient people. There is another category, bad people. Religious or not, the not-so-good people are just as bad as the bad people. Trinidad and Tobago (T&T) is no exception. How many generations have passed since Columbus rediscovered Trinidad? Despite the best efforts, this little country seems destined to be burdened with a whole lot of bad people.

Trinidad and Tobago endured colonialism, slavery and indentureship, emerging as an independent democratic republic with an anthem that tells the world: “Here every creed and race find an equal place.” This ‘equal place’ for all is left to be seen on the roadside of dreams. The racial mix is a hodgepodge of peoples who came from almost every part of the globe. Yet there are severe racial tensions; “… disturbances in the force” as articulated in the Star Wars Trilogy.

With the arrival of Europeans in the New World, much of the Amerindian population died because of the oppressive nature of the Spanish conquistadores. Having decimated the Amerindian population, the Spaniards and the other Europeans after them found a new source for supplementing the needed labour. In the year 1606, Dutch merchants brought 407 enslaved Africans to Trinidad, and by 1813, the slave population rose to 25, 696. Slave trading eventually ended in 1834, but as early as 1845 the British Crown began importing East Indians to the colony as indentured servants to offset the shortfall in the labour supply involved with sugar production. Today, in such a self-governed, plural society, the two major ethnic groups (Afro and Indo-Trinidadians) jostle each other for state control and power. And the racism expressed during and after the hustings is all too pellucid.

According to one researcher, the so-called equality of all people on this twin-island state is far from reality because “… electoral outcomes have reflected ethnic cleavages.” The disagreement between the races, especially on the island of Trinidad, has manifested itself not only in every election, but also in calypso lyrics and the carnival masquerade. Look at the satire expressed in the lyrics of this excerpt from the 2002 calypso From Naipaul to Shame as sung by Dr Hollis Urban Liverpool (The Mighty Chalkdust):

“Mr Chairman I thank thee for this grand Nobel Prize,

I am Vidia Naipaul from England where my heart lies,

Though I grew up on dhal, rice, baigan and roti,

I prefer baked beans, toast, jelly and English tea,

But dem East Indians in Chaguanas, Todds Road, and Couva,

Dey want me trade my English suit and put on a capra,

Dey want me trade my English loo and toilet paper,

For a latrine pit and a bottle of water.”

There is abundant evidence that a serious social problem exists. Social sustainability is difficult to achieve while such cleavages persist, but with time, there is hope that people will become more agreeable and understanding. I would be long gone, somewhere pushing up daisies. Nevertheless, I must establish that this racial equality that we all hope for in Trinidad and Tobago may take a whole junnum (10,000 years) or more to accomplish. The power of racism is probably an inbred gene riding on a chromosome in the people of Trinidad and Tobago. Could it be that the economic situation of some citizens caused racism to rise to a crescendo unmatched?

It would seem that many citizens are dissatisfied and unhappy about how things have gone over the years in the country. Trinidad and Tobago was once known as the ‘tiger in the sea of pussycats.’ The twin-island state should have settled for the name ‘Squandermania.’ For the amount of money that flowed through this outcropping of rock in the Caribbean Sea, some believe that this country could have been the ‘Dubai of the Caribbean.’ Some countries do not have the natural resources that Trinidad and Tobago has but they became economic tigers! A classic example is Singapore. What did Singapore do that we did not do?

Although Trinidad is blessed with 99 acres of asphalt, many roads, especially in the rural areas, are riddled with potholes and landslides. Bridges, barriers and road signs are in dire need of repair. Apart from the poor roads, the hostility of drivers on such narrow roads, for example, Tobago’s Windward Main Road, leaves much to be desired in terms of road safety. It could be that Tobago wants to showcase this speeding madness as a new tourism product.

Noisy vehicles with their huge booming speakers constantly pierce the silence of residential neighbourhoods; some of them with speeds of up to 100 to 120 kms/hour. Don’t even mention the booming sounds emanating from rum shops and pubs in residential areas. Historic buildings are abandoned and left to rot away. Without a vote from the citizens, some of the buildings in Sangre Grande, Toco, and Manzanilla were demolished and carted away. Because of the denuded hillsides in the Northern Range, flash flooding with the attendant mud and debris plagues Port of Spain and several adjacent cities. Let’s not talk about the incidence of litter all over Trinidad by stink and dutty people. It’s apparent that some people prefer a la basse everywhere they go.

Homeless people continue to squat, even in government forest reserves earmarked for scientific research, for example, ‘The Aripo Savannah.’ Feral dogs roam the landscape, while vagrants make their homes on the sidewalks and constantly rummage through garbage bins for food. Piles of garbage litter the landscape. Sidewalks are broken, jagged and uneven. Manholes are sometimes left uncovered. Soap and paper towels are always in short supply in the airport restrooms. Used paper cups and plates, plastic bags, bottles and other detritus litter some of the rivers and beaches. The verges of roads and highways do not escape the littering plague. It could be that tourists have a longing to experience the nastiness of a place that they visit. Trinidad and Tobago is so unlike other Caribbean destinations where tourism is the ‘bread and butter’ of the economy. There are reasons for our behaviour and lack of quality concerning tourism.

Trinidad has never had a true history of tourism due to its hydrocarbon-based economy and the development of the industrial sector after its independence in 1962. There was little growth and even stagnation in the tourism sector during 1977-1987. Moreover, there was no real need to develop a tourist industry since the exploitation of petroleum and natural gas became the economic driver. The abundance of oil and gas money engendered an anti-tourist nationalism. In fact, Dr Eric E. Williams, the first prime minister of Trinidad and Tobago did not concentrate on the development of the tourism industry for fear that the country would breed a generation of janitors and busboys.

The money obtained from the petroleum industry was short-lived. During the late 1980s and early 1990s, soft prices for petroleum on the world market ruffled the takings of the treasury. In view of the situation, the government sought a solution to bolster the flagging economy. Tourism suddenly came to the forefront, but isn’t it a bit late to start training “busboys and janitors?” How do you educate a non-tourism generation of people to a tourism-oriented one? Maybe Trinidad and Tobago should take a page out of the book of tourism in Barbados.

It’s kind of crass, but I cannot ‘put mih mouth in boli (calabash) tuh say dis:’ The busboys and janitors eventually became ‘grasscutters and road sweepers’ in the Community-Based Environmental Protection and Enhancement Programme. (CEPEP). As with everything else in Trinidad and Tobago, corruption is the cause for calamity, chaos, and confusion. CEPEP is now defunct because of corruption. Corruption is one thing. Worrisome is the word when I consider how people treat our physical environment.

After a ‘River Lime’ (hang out, party, shoot the breeze), the rivers become polluted with the entrails of animals and feathers. Some religions, after certain rites are performed, throw human hair and other foreign matter into the rivers. It is difficult not to witness young strong youth literally ravaging a garbage truck on the Beetham Highway as it slows down to enter the Port of Spain dump or what we refer to as the La Basse. Traffic jams are endless, and long lines at the banks or other service institutions (public or private) are unavoidable. It’s the same old, same old nature of things: government come, government go. This brief description brings to the fore a snippet of an image of T&T that many ignore.

Tourists, both domestic and foreign, need a modicum of security and safety when they visit any country. Entertaining tourists under such conditions is simply abhorrent. The question is: How sustainable is such a scenario? The solutions to some of the problems raised are easy to fix, while others are not so simple to arrest. It might sound as cliché, but total quality management (TQM) on the part of the political directorate is required if the country is to move towards social sustainability. Education of the masses about their role in protecting the environment; to hold and accept the environment as a personal concern, is an imperative if the tourism product is to pay dividends.

As anywhere else, Trinidad and Tobago is dealing at present with increased crime, partially generated by illicit drug peddling. Gun slinging, home invasions and banditry are everyday issues. We have more national security issues than the National Geographic! It is known worldwide that Trinidad and Tobago is a transhipment point for illegal drugs coming out of South America. There is a literal war over drug turf “behind the bridge” in Port of Spain.

As far as possible, tourists should avoid these areas. A map of Port of Spain has been sanitised to prevent tourists wandering too far from where is considered safe. However, right now, SOE or no SOE, no one is safe and nowhere is safe! This is not a good sign for any kind of venture in tourism; this is probably the most serious threat to social sustainability. Many foreign countries have already posted travel warnings about the situation in Trinidad and Tobago.

Much of what is written here is an adaptation from my chapter titled: ‘Social Sustainability of Tourism in a Culture of Sensuality, Sexual Freedom and Violence: Trinidad and Tobago,’ published in the book Island Tourism—Sustainable Perspectives (2011) edited by Professors Jack Carlsen and Richard Butler. Fifteen years after this publication, behaviours have not changed much in Trinidad and Tobago. The bad people, some of the offspring of enslaved Africans and indentured servants, are still harassing the country. The record shows that every day there is a murder or two or even three, four or five. Let’s not talk about auto theft, home invasions, banditry and praedial larceny.

The power struggle continues in place. Political parties daily elbow one another to gain control of the masses. As I said in my last article on Caribbean News Global: ‘When elephants fight it’s the grass that suffers.’ While the political infighting is ongoing, some elephants do not care who gets hurt. However, I must give voice to the fact that the ‘grass’ has much power to stop the battles of the elephants. The not-so-good people, and all the bad people, also have power. This power in these belligerent people is an evil that stalks the land. Such gun-toting people continue to bring people to their knees.

Let us take note that even in the protective services, there are officers who swore to ‘Protect and Serve’ whose activities are questionable. In June 2026, according to Allister Guevarro, commissioner of police, there were approximately 280 to 290 police officers on suspension from the Trinidad and Tobago Police Service (TTPS). Seventeen of these suspended officers were formally revoked and dismissed in July 2026. The Roman poet Juvenal asked the question: “Quis custodiet ipsos custodes?” (Who guards the guards?)

It is my sincere hope and prayer that the good people of Trinidad and Tobago will somehow override the interests and activities of the bad people. May God help us!

USCG awards contract for construction of housing and maintenance support facility in Seward, Alaska

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USCG awards contract for construction of housing and maintenance support facility in Seward, Alaska

WASHINGTON, USA – The US Coast Guard awarded a design-build contract valued at approximately $9.8 million to Orion Construction Inc. of Wasilla, Alaska on July 20, 2026. The contract covers construction of six housing units and one maintenance support building in Seward.

This infrastructure project is funded by the Fiscal Year 2022 Infrastructure Investment and Jobs Act. These new housing units are a key element of the Coast Guard’s efforts to homeport a Fast Response Cutter in Seward, providing modern facilities for assigned Coast Guard personnel and their families. This housing project accelerates Coast Guard investments in shore infrastructure facilities in Seward, designed to improve quality of life and enhance operational readiness for critical missions.

“These new housing units and maintenance facility are essential to supporting our personnel and families as we expand the Coast Guard footprint in Seward,” said Rear ambassador. Bob Little, commander, US Coast Guard Arctic District. “This investment gives our crews safe, modern accommodations and strengthens our ability to achieve operational excellence and mission success in Alaska and the Arctic region.”

The contract includes four four-bedroom housing units and two three-bedroom units. The housing units, including one in compliance with the Americans with Disabilities Act, will be built in duplexes. The work also includes site development, utility infrastructure, and landscaping. Construction is expected to be completed by January 2028.

Six Fast Response Cutters have been delivered to Alaska to date. These cutters provide enhanced capabilities for missions such as search and rescue, fishery patrols, drug and migrant interdiction, national defense, and ports, waterways, and coastal security. The crew of the new Fast Response Cutter will primarily operate in the Aleutian Islands, Bering Sea, Gulf of Alaska, and North Pacific Ocean. Coast Guard Cutter Frederick Mann was commissioned in May and is temporarily homeported in Kodiak until facilities in Seward are ready.

The Coast Guard is assessing additional critical infrastructure and housing needs in both locations to support the arrival of new assets, ensuring the United States is prepared to defend its interests and meet emerging challenges in the Arctic for decades to come.

AI’s future depends on the accessibility of data – APEC Roundtable

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AI’s future depends on the accessibility of data – APEC Roundtable

CHENGDU, China – Ministers and senior representatives at the Data for Growth High-Level Roundtable in Chengdu on Saturday highlighted the growing importance of data as a driver of innovation, productivity and growth, calling for deeper collaboration to unlock its potential across the Asia-Pacific.

Opening the roundtable, Liu Liehong, administrator of China’s National Data Administration said data has become a foundational resource and an engine of innovation, reshaping how economies produce, govern and grow.

“Data is opening new spaces for economic and social development, it is already deeply integrated in scientific research, public services and infrastructures,” Liu said. “The value of data keeps expanding, but how to harness it to empower development and benefit our people is a common task for all of us.” He added. “Strengthening exchange and cooperation around data for growth will help further enrich APEC’s digital economy cooperation.” 

Discussions highlighted the need to make data more accessible while ensuring it is used responsibly, recognising that high-quality data has become an essential resource for an economy increasingly powered by artificial intelligence (AI).

“The ways in which data resources are developed and used are diverse, and no single model is applicable to all economies. Open exchange can enhance understanding, experience-sharing can promote mutual learning, and practical cooperation can deliver win-win outcomes,” Liu said. 

Discussions underscored the importance of interoperable data governance in giving businesses more confidence to use and share data. When data is integrated into business models and decision-making in a secure and responsible manner, ministers highlighted how it can increase efficiency, creativity and competitiveness.

Rather than identical rules, speakers called for different systems to work together securely as data moves across the region, delivering faster trade and more resilient supply chains.

“Advancing data for growth should become an important direction for the future joint efforts of APEC economies. As digital technologies continue to develop, data-related issues have moved beyond any single field and increasingly span innovation, industry, trade, logistics, public services and many other areas,” Liu emphasised.

Participants also highlighted practical work on sharing public data to deliver benefits for businesses and society. Weather data was one key example; when integrated with predictive AI models, it can help farmers protect crops, logistics operators prepare for disruptions and emergency services respond faster.

“Data creates value, and cooperation unlocks potential. Today’s roundtable is not the end of a discussion, but a new starting point for APEC to deepen exchange and cooperation around data for growth to strengthen policy communication and share the benefits of the digital era,” Liu concluded. 

Strengthening resilience across an increasingly interconnected financial system

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Strengthening resilience across an increasingly interconnected financial system
    • As firms increasingly rely on common third-party service providers, delivering operational resilience is no longer just about your own individual organisation. It’s about strengthening resilience across the wider network that supports the UK financial system.

By Mark Francis

Think of the last time you made a payment, transferred money, used a banking app or logged on to online financial services. Did you give much thought to the infrastructure that makes those essential everyday transactions possible?

Let’s be honest, you probably didn’t. Most people don’t – until something goes wrong.

Financial services rely on a network of providers working behind the scenes – including technology, data and operational service providers.

These are so important to the resilience of the financial system that the government granted us powersLink is external to implement a new oversight regime, and has now designatedLink is external the first critical third parties (CTPs).

That means, the Bank of England, PRA and FCA will together directly oversee these providers, with a targeted, proportionate focus on ensuring the services they provide to UK financial firms and financial market infrastructures (FMIs) are resilient.

Our oversight aims to address system level risks, where many firms rely on the same services from common service providers. And improve coordination and information-sharing across the sector, particularly during major incidents. This complements the existing rules in place for regulated firms to manage the risks they individually face.

Operational resilience has evolved

The primary focus of our operational resilience regulatory framework has been on the ability of individual firms to prevent, respond to and recover from disruption to maintain financial stability and confidence – including from risks arising from their outsourcing and third party arrangements.

That remains vital.

What’s changed is the environment in which those firms operate.

Banks, insurers, payment firms and FMIs increasingly rely on a relatively small number of common third party service providers. These may be cloud providers, technology firms, data providers or other specialist service providers.

The benefits of this approach are obvious: it can support innovation, boost efficiency, help firms improve the services they offer to millions of consumers and businesses, and contributes to the competitiveness and growth of UK financial services.

But what happens if there’s a failure or disruption to the services that one of these third parties offer?

Recent events have demonstrated how interconnected such modern services have become. The CrowdStrike outage in 2024 affected a wide range of organisations around the world, while cyber incidents affecting retailers such as Marks & Spencer and Jaguar Land Rover showed how disruption can quickly extend beyond a single organisation.

These incidents starkly illustrate how operational disruption at one provider can affect many organisations simultaneously, including financial services.

Taking a system-wide view

Having more visibility across the system is becoming increasingly important, as the financial services landscape has changed.

The numbers speak for themselves.

In 2025, 27 percent of incidents reported to the FCA by firms were attributed to a third-party issue, and 37 percent of those were cyber-related.

Operational resilience can’t solely be about understanding risks within individual firms. It is also about understanding how disruption at commonly used critical service providers could affect the wider system.

The CTP regime adds this essential system-wide perspective. It’s not about replacing firms’ responsibilities for managing their own operational resilience and third party arrangements. Nor is it about regulating every third party provider that firms use.

Put simply, it’s about making sure our oversight reflects the way the system actually works today.

What this means in practice

This regime can’t and won’t end all disruptions. But it is designed to make a practical difference, particularly when disruption occurs.

For critical third parties, the expectations are clear. They must identify and manage risks relating to the critical services they provide. They need to test and improve their resilience arrangements, and engage openly with regulators and firms, especially during incidents.

The regime also aims to promote greater transparency and stronger communication between critical third parties and their UK financial services clients, including through activities such as joint testing exercises and the sharing of self-assessments where appropriate.

For firms, the regime should support better visibility of risks and improved communication during major incidents. When many firms are affected by the same disruption, timely information and effective coordination become even more important.

And for consumers and businesses, the services they rely on every day should be more resilient to disruption and, where disruption does occur, be restored quickly.

No framework can eliminate operational incidents entirely. But strengthening resilience across the wider system that supports financial services can help reduce the likelihood that disruption escalates or spreads unnecessarily.

Building resilience together

One of the clearest lessons from recent years is that the operational resilience of the financial system is a shared mission. A more resilient system helps create the conditions for firms to innovate, invest and grow with confidence.

Firms, regulators and third-party providers all play an important role in maintaining the services that consumers, businesses and markets rely upon. The CTP regime reflects our connected reality. It recognises how the financial system operates today and ensures our approach to resilience evolves, so that the financial system can continue to safely serve businesses and consumers now and in the future.

As the regime is now live, firms should continue to consider how they identify, test and manage dependencies on critical services. Designated CTPs should engage openly with regulators and firms, including through testing and information-sharing.

  • Mark Francis, FCA Director of Specialists and Simon Dixon, Director of Supervisory Risk Specialists at the Prudential Regulation Authority (PRA)

Jamaica: SEZ Master Plan to serve as strategic blueprint for future investments

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Jamaica: SEZ Master Plan to serve as strategic blueprint for future investments

By Sherika Williams

KINGSTON, Jamaica, (JIS) – Jamaica is taking a major step towards creating a nationally coordinated industrial development strategy through its first Special Economic Zone (SEZ) Master Plan, which will guide where future investments, industrial clusters and export-oriented industries are developed across the country.

The latest stakeholder consultation on the development of the Master Plan, held recently at The Jamaica Pegasus hotel, brought together representatives of government ministries and agencies, the Inter-American Development Bank (IDB), global consulting, engineering and architecture firm IDOM, private-sector stakeholders and the Jamaica Special Economic Zone Authority (JSEZA).

Chief Executive Officer (CEO) of JSEZA, Kelli-Dawn Hamilton, said the Master Plan will serve as a strategic blueprint for the future development of Special Economic Zones (SEZs) across Jamaica.

“Once the SEZ Master Plan is complete, it will provide more transparency, predictability and even more opportunity for companies to establish an SEZ,” Hamilton explained. One of the plan’s most significant outcomes will be the identification of appropriate locations for future SEZs and the sectors best suited to each area.

“It is that predictability, that consensus of positioning from a location and sector perspective that will allow us to be very deliberate in how we tool our country for the future, what sectors are we focusing on and how we’re going out and really selling Jamaica as an investment destination.”

Hamilton noted that the Master Plan will also guide workforce development, infrastructure planning and investment promotion while supporting the creation of industry clusters capable of driving long-term economic growth.

These clusters could include logistics and distribution hubs linked to Jamaica’s ports and airports, advanced manufacturing operations such as light assembly, agro-processing and medical or technology-related production, as well as the incorporation of green energy solutions, including solar power, energy-efficient facilities and cleaner technologies to reduce operating costs and support sustainable industrial development.

“This is a catalyst, really, and part of the work that we have to do to grow industry in this country. This is one more step towards doing that,” Hamilton said. Stakeholder engagement remains central to the process, noting that consultation is critical.

“We have to hear from our stakeholders, understand what they need and execute according to what they need. If we are creating something that does not meet their requirements, then it makes no sense,”  Hamilton emphasised.

Acting senior director in the legal services unit at JSEZA, Shaquille Douglas, said the consultation marked another important milestone in developing a strategic framework that will shape the future of Jamaica’s Special Economic Zones, “and strengthen our position as a competitive destination for investment, trade, innovation and sustainability.”

Douglas noted that the Master Plan extends beyond identifying locations for Special Economic Zones, focusing instead on creating a stronger ecosystem to maximise their economic impact.

“As we gather to validate the findings of the assessments and sector analyses, it is important to understand that successful Special Economic Zones are built on more than infrastructure and businesses. They are built on sound regulation, institutional effectiveness and stakeholder confidence.”

Douglas added that the process presents an opportunity to ensure Jamaica’s legislative and regulatory framework remains responsive to changing global economic realities, while supporting higher-value investments, innovation-driven industries and sustainable development.

The development of the Master Plan forms part of JSEZA’s ongoing efforts to create a more coordinated and competitive Special Economic Zone regime that supports investment, strengthens linkages with local industries and enhances Jamaica’s position in regional and global value chains.

Caribbean nations urged to build resilient energy systems to support long-term growth

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Caribbean nations urged to build resilient energy systems to support long-term growth

GEORGETOWN, Guyana, (DPI) – Prime Minister of Guyana, Brigadier (Ret’d) Mark Phillips has called on Caribbean nations to modernise their electricity infrastructure, strengthen procurement systems, and build energy networks capable of withstanding future shocks while supporting sustained economic growth.

Prime Minister Phillips said that the decisions made by governments, utilities and industry leaders today will shape the Caribbean’s development for decades. He was speaking at the opening of the Caribbean Electric Utility Services Corporation (CARILEC) Engineering and Procurement Conference and Exhibition 2026 on Sunday at the Marriott Hotel in Kingston, Georgetown.

According to him, electricity has become the foundation on which modern economies are built, as it is essential for manufacturing, healthcare, education, transportation, digital services and investment.

“The Caribbean must modernise its grids, the Caribbean must procure smarter, and the Caribbean must build systems that can withstand shocks while supporting growth,” he said. Underscoring Guyana’s unprecedented economic expansion, prime minister Phillips said the government’s focus is on meeting growing electricity demand as well as staying ahead of it through an ambitious energy transformation programme.

“This transformation will require smart substations, automated networks, advanced metering infrastructure, real-time monitoring, stronger cyber security, predictive maintenance, artificial intelligence-assisted operations, distributed energy resource integration, and digital customer engagement,” the prime minister said.

In addition, he reaffirmed Guyana’s support for greater regional cooperation through CARILEC, as the organisation provides an important platform to improve technical standards, procurement practices and knowledge sharing among Caribbean countries.

The prime minister also outlined the government’s long-term strategy to diversify the country’s energy mix. He said the gas-to-energy project will reduce the country’s dependence on imported fuel by providing an additional 300 megawatts of generating capacity, lowering electricity costs and improving reliability.

However, he stressed that natural gas is only a transitional solution, with Guyana’s future energy system expected to incorporate hydropower, utility-scale solar, battery energy storage and other clean technologies, including the proposed Amelia Falls Hydropower Project.

Prime Minister Phillips encouraged delegates to use the forum to strengthen regional collaboration, exchange technical expertise and advance a modern, sustainable and future-ready energy sector for the Caribbean.

The event is being held from July 26 to July 30 under the theme “Grid Modernisation, Resilient and Strategic Procurement in Focus,” with more than 200 delegates from across the region attending.

Canada opens third port of entry along Windsor-Detroit border

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Canada opens third port of entry along Windsor-Detroit border

By Caroline Minks

TORONTO, Canada (CICNews) – Border authorities have opened an additional crossing at one of the busiest stretches of the Canada-US border. The Gordie Howe International Bridge has officially opened to traffic as of July 27, 2026, according to a news release published by the Windsor-Detroit Bridge Authority on July 24.

Spanning the Detroit River, it provides a third crossing between Ontario and Michigan, alongside the Ambassador Bridge and Windsor–Detroit Tunnel, two of the most congested border crossings in North America.

The bridge was built to relieve a longstanding bottleneck in the Windsor–Detroit corridor. Crossing the ambassador Bridge, for example, can require a multi-hour wait—particularly during peak hours.

The new bridge and border crossing will be open 24 hours a day, seven days a week, and will allow passage for automobiles, motorcycles, RVs, and semi-trucks.

The port of entry includes express lanes for members of the Trusted Travellers Program (NEXUS) and qualifying transporters of commercial goods (FAST).

Pedestrians and cyclists will also be able to cross the bridge via a multi-use path separate from motor vehicle traffic beginning August 5, making it the first Windsor-Detroit crossing available to non-motorized traffic.

The standard passenger vehicle toll will be CAD 8 (5.75 USD), and CAD 12 (8.75 USD) for large commercial trucks, oversized vehicles, and larger passenger vehicles. The multi-use path will be toll-free.

According to a July 24 press release from the Canada Border Services Agency (CBSA), the Gordie Howe International Bridge is now “Canada’s largest and most technologically advanced land border crossing.”

The opening of the new bridge, designed to support faster and more reliable cross-border travel, marks the culmination of over two decades of collaboration between Canadian and US authorities.

The bridge is jointly owned by the Canadian federal government and the State of Michigan.

Its planned opening for June 12 had been delayed on account of disputes over the treatment of toll revenue, and the ceremonial opening on July 24 took place without the presence of US officials.

The bridge is named for Gordie Howe, a Canadian hockey icon whose professional career was largely defined by his years with the Detroit Red Wings.

Travellers planning on using the new crossing can find real-time border wait times on the CBSA’s official port of entry webpage.

Those entering Canada through this port of entry must have the appropriate travel documentation.

Following the opening of the Gordie Howe International Bridge, Canada now has a total of 118 land border ports of entry.

Putting people at the centre of UK climate adaptation & resilience

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Putting people at the centre of UK climate adaptation & resilience
    • This executive summary for policymakers presents the key findings and policy considerations of the ACCESS Task Force on Adaptation and Resilience, which was supported and co-chaired by the Government Office for Science. The full report is available here. This summary and the main report are based on a synthesis of published social science evidence, a range of expert inputs, and two workshops. These do not reflect UK government policy or official positions.

By Government Office for Science

LONDON, England – The impacts of climate change are already being felt in the UK. Changing temperatures, seasonal shifts and increased frequency and severity of extreme events — such as storms, drought and wildfires — are exacerbating and compounding existing risks to society, environment, and economy. These impacts are not experienced evenly. Some people are more vulnerable and less able to adapt than others due to their social situation, income, access to support and where they live.

The evidence from social science research points to the value of taking a people-centred approach to climate adaptation. This is a way of designing and delivering adaptation policy that considers human wellbeing, agency, and lived experience, recognising that adaptation is not simply a technical or engineering problem but an ongoing social process that will need to adjust and respond to changing climate and societies. While technical solutions like physical infrastructure are essential, they are most effective when combined with an understanding of how people experience, respond to and shape change.

Integrating people-centred approaches into policymaking can strengthen the design of adaptation and resilience measures, options and responses by providing a richer understanding of people’s views, needs, public support and uptake, mindful of existing risks and vulnerabilities.

The full report synthesises social science evidence for policymakers, alongside six case studies and a list of useful resources and practical tools. It aims to show that including social science insights and approaches at the start of the policymaking process, and during every stage of policy development, can enable improved design and delivery of adaptation policy.

Government chief scientific adviser, Professor Dame Angela McLean, said:

“The actions that people can take, and their effects, are influenced by a range of social, behavioural, economic, and cultural factors. To adapt well to our changing climate, we need to understand what affects the choices people can make and use that understanding when designing policies and support.

“This report makes an important contribution to that agenda. It summarises scientific insights, concepts, methods and approaches that can be used to help adaptation and resilience policy be more effective, more equitable, and more grounded in the realities of everyday life.

“The ACCESS Adaptation and Resilience Task Force comprised 13 academic and government social scientists with extensive subject knowledge and experience of working across the science-policy interface.”

Why Venezuela’s energy reforms are bringing investors back to the table in London

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Why Venezuela’s energy reforms are bringing investors back to the table in London
  • The Venezuela Energy Week London Industry Showcase taking place next week will unpack the regulatory changes, upstream economics and market opportunities shaping the country’s next investment cycle

LONDON, England — With Venezuela introducing sweeping reforms to its hydrocarbons sector and renewed international interest gathering pace, the Venezuela Energy Week London Industry Showcase will bring together policymakers, investors and industry leaders on July 30 to examine how the country’s evolving investment landscape is reshaping opportunities across the oil and gas value chain.

Hosted as part of the lead-up to Venezuela Energy Week 2026, the event will move beyond discussions of resource potential to focus on the commercial realities driving the sector’s next phase of growth.

The agenda opens with a keynote address outlining the government’s strategic vision for the sector, including production targets, investment priorities and the policy framework designed to attract long-term international capital. As Venezuela works to accelerate upstream development, the session will offer insight into the country’s roadmap for rebuilding one of the world’s largest hydrocarbon industries. That strategy is already translating into commercial activity: Repsol signed an agreement in April with Venezuela’s Ministry of Hydrocarbons and PDVSA to regain operational control of the Petroquiriquire joint venture and increase production, followed in June by a memorandum of understanding to evaluate development of the Horcón area near Lake Maracaibo.

Building on this outlook, attendees will receive an in-depth overview of Venezuela’s newly enacted hydrocarbons law and its implementing regulations. The session will examine the upstream business models now available under the revised framework and how they are expanding investment flexibility across exploration, development and production. The reforms are already reshaping the operating landscape, with Chevron, Repsol and Eni among the international companies currently migrating their contracts to Venezuela’s new hydrocarbons regime, which provides greater operational autonomy under an updated fiscal framework.

The commercial case for investment will come into focus through an asset-level assessment of Venezuela’s upstream competitiveness. Focusing on mature fields in the Maracaibo Basin and extra-heavy crude developments in the Orinoco Belt, the session will evaluate field valuations, breakeven economics and the competitive advantages created by the country’s revised fiscal regime, giving investors a clearer picture of where value is emerging. In April, Chevron signed two agreements with PDVSA to increase its stake in the Petroindependencia joint venture to 49 percent and add the Ayacucho 8 block alongside its Petropiar operations, further strengthening its position in the Orinoco Belt.

As production continues to recover, efficient routes to international buyers will play an equally important role in sustaining growth. A dedicated presentation will examine how Venezuela is optimising storage infrastructure, strengthening export logistics and rerouting crude into premium global markets following the significant inventory clearances achieved earlier this year. The improving export outlook is also drawing renewed interest from international commodity traders, including Vitol and Trafigura, as Venezuelan crude volumes increasingly return to global markets.

The program concludes with a high-level panel discussion featuring international companies with firsthand experience operating in Venezuela. The conversation will examine the practical realities of doing business in the country, from investment and partnership opportunities to operational challenges and the outlook for future collaboration under the evolving regulatory framework.

As the first international event leading up to Venezuela Energy Week 2026, the London Industry Showcase offers a timely opportunity for the global energy community to assess how policy reform, competitive project economics and improving market access are converging to reposition Venezuela as one of the world’s most closely watched upstream investment destinations.

United States – Norwegian coast guards complete key interoperability exercise in North Atlantic

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United States – Norwegian coast guards complete key interoperability exercise in North Atlantic

 WASHINGTON, USA – The US Coast Guard successfully completed a major interoperability exercise conducted by the crews of Legend-class national security cutter USCGC Stone (WMSL 758) and Norwegian Coast Guard Vessel Hopen, marking a significant milestone in international Arctic cooperation and operational readiness.

The exercise, part of Operation Arctic Cohesion (OAC) 2026, took place from July 8 to 15 off the coast of New England and ashore in Newport, Rhode Island.

During the exercise, the crews of Stone and Hopen focused on building familiarity, strengthening coordinated response, and improving seamanship. Highlights of the event included crew exchanges to share best practices, joint underway training, and discussions on Arctic coast guard operations.

The two coast guards are part of the Arctic Coast Guard Forum (ACGF) and the combination of engagements built further understanding between the services. The exercise was observed by members from ACGF partner nations Canada and Finland to capture lessons learned to carry forward to other ACGF states.

“As the Arctic domain grows more complex, strategic collaboration is vital to safeguarding the region and ensuring we can respond effectively to evolving demands,” said Capt. Anne O’Connell, commanding officer of Stone. “Exercises like this demonstrate that we are stronger together than we are apart, and the U.S. Coast Guard looks forward to continuing to strengthen our international partnerships to ensure we are collectively ready for the challenges of tomorrow.”

OAC 2026 is a multi-phase deployment running from June 19 to August 11, 2026. Hopen’s voyage began in Norway and continued to Iceland and the United States to participate in the International Naval Review 250 in New York. Following the exercise with Stone, Hopen will participate in engagements in Canada, Greenland, and Iceland before returning to Norway. The nearly two-month deployment reflects a shared commitment to maritime safety and regional stability across the Arctic and North Atlantic.

“The United States and Norway share a decades-long partnership built on common values, shared experiences, and a forward-looking vision for the Arctic,” said Øyvind Fagerheim, commanding officer of Hopen, Norwegian Coast Guard. “As partners in the Arctic Coast Guard Forum, our nations remain firmly committed to strengthening operational collaboration to address maritime security, environmental protection, rescue operations, and other vital coast guard missions across the Arctic and beyond.”

The ACGF is an operationally focused partnership that brings together the Arctic countries to strengthen maritime safety, security, and environmental stewardship across the High North. Through joint exercises, shared best practices, and coordinated presence, the ACGF seek common solutions to maritime issues in areas such as search and rescue, emergency response, fisheries oversight, and crisis management.

Taiwan – UK signs first drone cooperation pact: Taiwan tests plans to withstand China blockade

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Taiwan – UK signs first drone cooperation pact: Taiwan tests plans to withstand China blockade
    • Taiwan-UK drone alliance begins talks on development, marketing after signing
    • Officials explore energy reserves, ship escorts as Beijing expands pressure

TAIPEI, (Taiwan News) — Taiwan and the UK signed a memorandum of understanding Thursday for a drone industry partnership at the Farnborough International Airshow.

The signing came during a week of Farnborough deals for Aerospace Industrial Development Corp.. In a separate Friday statement, AIDC said it had secured more than NT$22 billion (USD 680 million) in new civil aviation and engine orders, after renewing a distribution contract with a major US aerospace systems company earlier in the week.

The drone pact says Taiwan and the UK will establish a platform for drone research and development and marketing, while helping each other expand internationally. It aims to promote concrete cooperation and bilateral investment to strengthen technological capabilities and global competitiveness.

AIDC president Chuang Hsiu-mei (莊秀美) signed the MOU with ADS Group CEO Kevin Craven. The signing was witnessed by Taiwan Representative to the UK Yao Chin-hsiang (姚金祥) and ADS group director of International Affairs Julie Marionneau.

Taiwan Excellence Drone International Business Opportunities Alliance Chair Tsao Chin-ping (曹進平) delegated Chuang to lead the Taiwan Aerospace Industry Association and several member firms. Chuang said Taiwan is well positioned to become the UK’s safest, most reliable, and most capable manufacturing partner in the Asia-Pacific.

Craven welcomed the partnership and said the platform would leverage complementary strengths in technology development and manufacturing to drive continued growth. He added that cooperation with the Taiwan Excellence Drone International Business Opportunities Alliance is expected to generate new global business opportunities.

ADS Group is a UK industry association covering the aerospace, defense, security, and space sectors and is the parent company of Farnborough International, the event organiser. It helps more than 2,000 members pursue cooperation across the four industries.

The Taiwan Excellence Drone International Business Opportunities Alliance was co-founded by AIDC and the Metal Industries Research and Development Centre under the guidance of the ministry of economic affairs. Tsao heads the alliance, while the research center handles administrative affairs, drone industry integration, and connections between government and companies in Taiwan and overseas.

Meanwhile, Taiwan is expanding preparations to maintain energy and supply lines as China increases maritime pressure around the country, the New York Times reported Saturday.

Taiwanese officials are reviewing ways to keep fuel and other essential imports flowing if Beijing attempts to restrict access to Taiwan, according to officials familiar with the planning. China has conducted military exercises in recent years simulating operations to isolate Taiwan.

The issue has gained urgency as Taiwan depends on imports for about 95 percent of its energy needs, with natural gas accounting for roughly half of its electricity generation. Recent disruptions to global energy routes, including concerns over the Strait of Hormuz during the Iran conflict, have highlighted the risks facing energy-dependent economies.

Officials have conducted tabletop exercises to prepare for a potential siege scenario and are planning drills involving ship escorts, rerouting vessels to ports, and managing critical supplies. Four officials said the exercises are aimed at identifying weaknesses in Taiwan’s response plans.

Taiwan is also exploring options to strengthen energy security, including floating liquefied natural gas storage and processing facilities, emergency reserves, and extending the use of nuclear power. Energy Administration deputy director-general Chen Chung-hsien (陳崇憲) said Taiwan has been reviewing worst-case scenarios and regularly conducts exercises related to national security.

Taiwan currently maintains at least 11 days of natural gas reserves and has storage capacity for up to 20 days. Chen said floating facilities could provide more flexibility in receiving and distributing natural gas during an emergency, though finding suitable locations remains difficult.

Taiwan’s three liquefied natural gas terminals are on the west coast, where they could be vulnerable during a conflict. While the mountainous east coast is farther from China, officials said it lacks the ports, roads, and infrastructure needed to handle large gas shipments.

Taiwan is also considering whether to reverse the closure of some nuclear power plants to strengthen electricity supplies, per the New York Times. Foundation for Defense of Democracies China Program Senior Director Craig Singleton said a recent tabletop exercise with Taiwanese officials and business leaders showed the need to diversify both energy sources and delivery routes.

Prospect Foundation President Lai I-chung (賴怡忠) said China’s recent actions in waters east of Taiwan appeared to test a possible quarantine operation, per the New York Times. Taiwanese security officials said China has regularly deployed naval vessels around Taiwan, while coast guard ships have increased their presence.

Taiwanese officials have also held simulations involving scenarios in which China requires ships approaching Taiwan to seek approval and sends coast guard vessels to inspect or seize cargo. The exercises highlighted the need for better coordination among government agencies responsible for energy, agriculture, transportation, and emergency response.

China’s maritime activities around Taiwan have increased in recent months, with the Taiwan Coast Guard estimating Chinese government ships sailed near Taiwan’s main island 85 times in May and June, compared with 45 times during the same period last year.

Tamkang University adjunct professor Jing Yuan-chou (荊元宙) said China’s gradual use of gray zone tactics could intensify, per the New York Times.

“But the nibbling lays the way for if they ever want to try to devour us,” he added.

New collaboration between PAHO and AIDS Healthcare Foundation to expand early HIV diagnosis in Latin America and the Caribbean

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New collaboration between PAHO and AIDS Healthcare Foundation to expand early HIV diagnosis in Latin America and the Caribbean

 RIO DE JANEIRO, (PAHO) – The Pan American Health Organization (PAHO) and AIDS Healthcare Foundation (AHF) will collaborate to expand early HIV diagnosis in Latin America and the Caribbean, with the aim of improving access to testing, facilitating timely linkage to care, and helping reduce preventable AIDS-related deaths.

Despite significant progress in the HIV response across Latin America and the Caribbean, late diagnosis remains one of the main challenges to reducing new HIV infections and AIDS-related mortality, and to advancing toward the elimination of HIV as a public health problem. In 2025, approximately 34 percent of new HIV diagnoses in the region were made at an advanced stage of infection, while an estimated 32,000 people died from AIDS-related causes.

The joint initiative forms part of broader efforts to accelerate progress toward eliminating HIV as a public health problem in the Americas. The partnership will leverage the complementary expertise of both organizations to expand access to testing services, strengthen linkage to care, and accelerate the adoption of innovative strategies across the region.

“We continue to see far too many people in our region learning their HIV status only after the infection has progressed to an advanced stage, reducing opportunities to prevent serious complications and avoidable deaths,” said Monica Alonso, chief of PAHO’s HIV, Sexually Transmitted Infections, Viral Hepatitis, Tuberculosis and Malaria Unit. “Expanding access to testing and ensuring that people are rapidly linked to care and treatment is essential to reducing AIDS-related deaths and saving more lives across the Americas,” she added.

The collaboration was announced during PAHO’s satellite session, “The Last Mile to Elimination: Reducing Mortality from Advanced HIV Disease,” held at the International AIDS Conference (AIDS 2026) in Rio de Janeiro. The session brought together government representatives, community organisations, international agencies, and strategic partners to discuss the barriers that continue to limit timely access to HIV diagnosis and treatment.

While the region has made major gains over recent decades, thousands of people continue to be diagnosed at an advanced stage of infection. Late diagnosis remains a major contributor to HIV-related illness and death, despite the availability of effective testing methods and treatments that enable people living with HIV to lead long and healthy lives.

In 2025, approximately 2.1 million people living with HIV in Latin America and the Caribbean were receiving antiretroviral therapy, representing a regional treatment coverage rate of 72 percent. However, an estimated 900,000 people were still not receiving treatment, and loss to follow-up remains one of the major barriers to achieving regional HIV targets.

The collaboration between PAHO and AHF will support actions to expand access to HIV testing, including HIV self-testing and community-based service delivery models. It will also seek to strengthen linkage to and retention in care, promote the exchange of experiences among countries, and generate evidence to identify and scale up high-impact interventions.

“Closing the remaining gaps in the HIV response requires far more than having effective tools available. We must ensure they reach the people who need them, at the right time and in ways that reflect the realities of each country and community,” said Dr Adele Benzaken, AHF’s senior global medical director. AHF is a nonprofit organisation that provides HIV-related services in 50 countries and operates in 11 countries across Latin America and the Caribbean.

“The collaboration between AHF and PAHO provides an opportunity to combine implementation experience, innovation, and technical cooperation with a regional perspective, helping accelerate our progress toward HIV elimination in the Americas,” she added.

PAHO and AHF will work with national health authorities, community organisations, and other partners to adapt and implement interventions that respond to the specific needs and contexts of individual countries.

For PAHO, expanding access to HIV testing is a fundamental component of the HIV response. However, barriers to diagnosis and care persist, particularly among populations in situations of vulnerability.

The initiative aligns with global commitments to end AIDS as a public health threat by 2030 and will contribute to the goals of PAHO’s Disease Elimination Initiative. It will also support the priorities of the Alliance for HIV Elimination in the Americas, a regional platform led by PAHO that seeks to accelerate the adoption of innovations, strengthen technical cooperation, and expand equitable access to HIV prevention, diagnosis, and treatment.

CDB supports feasibility study for Regional Stock Exchange

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CDB supports feasibility study for Regional Stock Exchange

BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB/the Bank) has approved a grant of US$100,000 to the Caribbean Community (CARICOM) Private Sector Organization Inc., (CPSO) to support a study that will assess the feasibility and inform the design of a Regional Stock Exchange for participating states of the CARICOM Single Market and Economy (CSME).

Funded through CDB’s Special Development Fund (SDF) 11, the grant will finance Phase I of a broader initiative aimed at assessing viable models for establishing a regional securities exchange and advancing deeper capital market integration across the Caribbean.

The study will examine opportunities to create a more connected and efficient regional capital market capable of mobilising investment, improving liquidity, reducing financing costs, and expanding access to capital for businesses across CARICOM Member States.

Despite the presence of several stock exchanges across the region, Caribbean capital markets remain fragmented, limiting cross-border participation and constraining the scale of investment opportunities available to businesses and investors. A more integrated regional market could help unlock new sources of financing, particularly for micro, small and medium-sized enterprises (MSMEs), while supporting greater economic resilience and competitiveness.

“The Caribbean’s long-term growth depends on our ability to create stronger, more accessible financial markets that support entrepreneurship, innovation and investment,” said Lisa Harding, division chief, private sector division at CDB. “This feasibility study will provide the analysis needed to determine how a regional stock exchange can strengthen access to finance, support private sector development, and advance regional economic integration. It also reflects CDB’s commitment to building institutions and financial systems that foster inclusive and sustainable growth across our member countries.”

The feasibility study will analyse capital market demand across CARICOM member states, assess legal and regulatory requirements for greater market integration, evaluate international stock exchange models, and engage stakeholders from across the public and private sectors. The study will also explore opportunities to improve access to financing for women-led enterprises, youth entrepreneurs, and other traditionally underserved groups.

The initiative is being implemented by CPSO with support from CDB and the Inter-American Development Bank (IDB). Together, the institutions are contributing USD 324,700 toward the completion of Phase I of the study.

Upon completion, the findings will be presented at a regional symposium, providing policymakers, regulators, private sector stakeholders and development partners with evidence-based recommendations to guide decisions on the future of regional capital market integration.

The project aligns with CDB’s strategic objective of building economic resilience and supports regional efforts to strengthen financial markets, promote private sector development, and advance Caribbean integration.

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