Business

Market Square project to contribute to 2.9% economic growth target: gov’t

Published

2 years ago

February 15, 2023

Editor

Premier Natalio Wheatley speaks at Market Square opening ceremony in Road Town, Tortola

By MERRICK ANDREWS, Online News Editor

(JTV News) — The British Virgin Islands economy is projected to grow by “2.9 percent during 2023”. And the Road Town Market Square will contribute to this target.

That’s according to a press release from the Department of Information and Public Relations in an article about the opening of the Market Square on Monday.

“The Premier has previously mentioned that based on the current economic strategy that is being employed by the government, in addition to global economic indicators, the Virgin Islands economy is projected to experience 2.9% growth during 2023,” the release stated. “The Road Town Market Square will contribute to enhancing the economic capabilities of the Territory to ensure that the economic growth target is achieved.”

The Premier said the Market Square project has opened opportunities for present and future generations of entrepreneurs. In addition, he said a wide cross-section of consumers, artisans, manufacturers, and producers will now benefit from a designated physical location.

“I am quite pleased as the Minister of Agriculture and Fisheries to see these entrepreneurs here being able to sell their produce,” Premier Wheatley is quoted as saying in the release.

The premier went on to say, according to the release, that the territory’s food security efforts will also be boosted “through greater accessibility to locally provided goods and services in a regulated commercial space” and this will ensure that the consumption and production of local food is promoted.

“We are going to celebrate this, and we are going to move forward to other projects where we can advance the interests of the people of the Virgin Islands,” Premier Wheatley is quoted as saying.

Meanwhile, Deputy Premier and Minister for Communications and Works Kye M. Rymer gave a historical background on the Market Square at the opening ceremony.

He said the project, which commenced with a groundbreaking ceremony on Octoberm 12, 2020, is a signature project of the Government of the Virgin Islands to foster entrepreneurship and economic growth.

He noted that the City of Road Town had been without a market for several years, and this government ensured that this was one of its priority projects to be executed.

“The Market Square is a historical site established in the 1970s,” he continued,“ and was the fourth official Market Day venue in the Territory. It is truly heart-warming to see the transformation of the Market Square from my earlier years of visiting the market with my grandmother to the structures that we see today. I cannot help but to reminisce on the commute to Road Town to sell amongst the other vendors or attend events here as a teenager. The Market Square is undeniably a prominent landmark within the City.”

This Market Square project comprises:

One bandstand building to serve as a localised gathering location for cultural activities and events
One bathroom building with access and accommodations for persons with disabilities
16 sixteen kiosks
Six 10′ x 10′ kiosks and ten 12′ x 12′ kiosks.
Each kiosk will be enclosed with hurricane-rated shutters, and these shutters, when opened will provide shelter for patrons from the sun and rain
Each kiosk is also equipped with a sink for handwashing and electrical power
Bus shelter: constructed in the open area adjacent to the road with benches to accommodate up to 25 persons; serve as the central point for passengers to gather for collection by the bus operators

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Business

BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes

Published

7 days ago

October 31, 2024

Editor

The Financial Investigation Agency (FIA) of the British Virgin Islands (BVI) has recently strengthened ties with the Jersey Financial Services Commission (JFSC) through a Memorandum of Understanding (MoU) signed on 25 October. The agreement formalises a cooperative framework for consultation and information-sharing between the two regulatory bodies, enhancing their oversight in financial regulation.

The MoU signals a shared commitment by the BVI and Jersey to uphold rigorous financial standards and combat financial crimes. By sharing essential intelligence, the FIA and JFSC aim to bolster efforts to detect, prevent, and investigate crimes such as money laundering, terrorist financing, and proliferation financing.

Errol George, Director of the FIA BVI, expressed the importance of the partnership, stating, “The signing of this MoU establishes a framework for information exchange between the FIA BVI and JFSC, supporting compliance with the laws, regulations, and rules relating to the functions of our Authorities. I am indeed pleased with the progress we are making in the Territory to tackle financial crime.”

Through this agreement, both agencies will, upon request, provide critical information that strengthens regulatory practices across the Designated Non-Financial Businesses and Professions (DNFBP) sector. Shared data will include details on corporate structures, management standards, and organisational quality, all essential for effective supervision.

Business

Virgin Islands Secures $100 Million Loan to Drive Infrastructure and Community Development

Published

7 days ago

October 31, 2024

Editor

The Government of the Virgin Islands has announced a major financial commitment toward infrastructure and community advancement through a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited.

Premier and Minister of Finance Honourable Dr. Natalio D. Wheatley described the agreement as a transformative step, stating, “Today, the Government of the Virgin Islands is signing on to a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited. The proceeds of this loan will fund a diverse number of projects that will be of immense benefit to the Virgin Islands’ economy and people.”

This substantial funding will enable a series of high-priority projects across education, public safety, healthcare, infrastructure, and housing. The initiatives are designed to stimulate economic growth, enhance public services, and address critical community needs in the Territory.

A central feature of the development plan includes constructing a new building at Elmore Stoutt High School for the Virgin Islands School of Technical Studies. This facility will provide vocational training in high-demand fields, including mechanics, woodworking, and culinary arts, to equip students with practical skills aligned with the Territory’s workforce needs.

In public safety, the government will establish a National Detention Centre that meets international standards for the management of illegal immigrants and individuals denied entry. This facility will help reduce the Territory’s housing costs and will also include a dedicated training area for law enforcement, underscoring the government’s commitment to maintaining security and professional training standards.

Healthcare enhancements are planned through extensive refurbishments and expansions at Dr. D. Orlando Smith Hospital. These improvements are intended to increase capacity, improve patient care, and provide upgraded facilities for healthcare professionals, responding to the growing demand for high-quality healthcare services in the Virgin Islands.

Significant infrastructure projects are also slated, including comprehensive road improvements across the Territory. This work will encompass upgrades to drains, pavements, and traffic management systems, aimed at improving road safety and easing transportation flow. Additionally, key sewerage projects are set for completion in Cane Garden Bay, East End-Long Look, and Paraquita Bay, addressing longstanding public health and environmental concerns.

To further enhance public utilities, the government will expand the water distribution network throughout the Territory, ensuring more residents have access to reliable water sources. Renovations are also planned for the Ralph T. O’Neal Administration Complex, aimed at reducing dependency on rented facilities and providing improved working conditions for government employees.

The Terrance B. Lettsome International Airport will see various upgrades to better accommodate increased passenger traffic, supporting tourism growth and enhancing the travel experience for residents and visitors alike.

In response to pressing social needs, the government will also construct a three-storey social apartment building, designed to provide temporary shelter for the homeless and victims of domestic violence, addressing a critical gap in community support.

Dr. Wheatley emphasized that the initiatives funded by this loan facility will generate employment opportunities and stimulate economic activity while addressing core community needs. “This funding supports projects with far-reaching and lasting impacts for the Virgin Islands, improving quality of life and promoting sustainable development across the Territory,” he said.

Business

FirstBank Customers Accounts Show Zero or Negative Balances Electronically

Published

2 weeks ago

October 22, 2024

Editor

– Persons Accessing Cash In Bank

This morning account holders at 1FirstBank awoke to discover that their online account balances had disappeared. A widespread issue, affecting both personal and business accounts, has left customers unable to access their funds, with many reporting negative or zero balances on the bank’s digital platform.

The issue was discovered early Tuesday morning when users attempting to log in to their accounts were met with unsettling balances, with some even seeing their accounts marked as overdrawn despite no recent transactions. Several customers described seeing a balance of zero on their account’s home screen despite previously having substantial savings.

“I thought it was just me, but when I called a friend who banks with FirstBank, they had the same problem,” said the account holder. “It’s incredibly stressful, especially since there’s been no word from the bank yet.”

The problem, which seems to have affected customers across the territory, has prompted many to visit local branches in person. Several individuals reported being able to access their accounts once they arrived at the bank. However, the disruption has rendered ATM services and card transactions nonfunctional, leaving customers unable to withdraw cash or make payments.

JTV News reached out to 1FirstBank, where a representative confirmed that the electronic banking system is currently down and the matter is being addressed at the international level. Customers were advised that, for the time being, they would need to visit a branch to resolve any issues, as card swipes and ATM withdrawals were temporarily disabled.

While FirstBank has yet to release an official statement on the cause of the outage, customers are growing increasingly concerned about the safety of their funds. The nature of the problem—whether it is a technical glitch or something more serious like a security breach—remains unclear.

At this stage, it is unknown when the issue will be resolved or if all accounts will be restored to their proper balances.

The financial uncertainty has left both personal and business account holders on edge, with some businesses reporting disruptions in their daily operations due to the inability to access company funds.

JTV News will continue to monitor the situation closely and provide updates as more information becomes available.