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With the return of economic stability, companies on the island are getting a boost. Here, we speak to business leaders about the nation‘s comeback
After a lost decade of austerity and ballooning debt, the Barbados banking sector has proved resilient
Today, “all the banks have a capital adequacy ratio well above the regulatory requirements,” says Anthony Clerk, CEO of Republic Bank, one of the largest banks in the country. “Republic Bank’s own ratio is over 14%, while the requirement is 8%; so our capital base is strong.” To arrive at this stage of economic recovery, Barbados restructured its debt and reduced local corporate tax rates from 30% to between 1% and 5%. These were “tough decisions,” says Clerk, but they are working. “Confidence has returned, and the business community is cautiously optimistic.”
The Barbadian real estate market is on an upward trajectory after being hit hard by the global recession
Today, Simon Parravicino, CEO of Realtors Limited, says he sees a number of reasons why the luxury property market is recovering. “We have strong infrastructure in terms of high-speed internet, excellent drinkable water, reliable electricity, and a current government that is making it easier to invest,” says Parravicino. “None of these things are a given in our region.”
The Barbados Water Authority (BWA) was established in 1980 to monitor, assess, control and protect water resources
In 2017, a new board was installed with the aim of restructuring the BWA from the ground up in a bid to turn it into a profit-making enterprise through potential cooperation with private investors, while also maintaining the stability and sustainability of Barbados’ water supply. Because Barbados is a groundwater country, Leodean Worrell, Chairwoman of BWA, says “we are now looking to explore rain catchment.”
Barbados Agricultural Development and Marketing Corporation (BADMC) is a government-funded organization focused on reducing the country’s dependence on food imports
BADMC helps small-scale local farmers produce non-sugar cane crops for the domestic market. Glendene Bartlett, Deputy CEO of BADMC, says “we provide our farmers with a starter kit and loans for basic equipment, chemicals, and seeds.” The organization also creates value-added products derived from local produce through its brand, Carmetas. Profits from the sales of Carmetas products are then reinvested into BADMC programs.
