Business
BVI airport development on front burner
Minister Rymer
(GIS) — Minister for Communications and Works Honourable Kye Rymer has said that his ministry stands ready and committed to support every effort to enhance the system of airports in the Territory.
Honourable Rymer’s comments come on the heels of the Territory’s participation in the recently held Airport Expansion summit for Latin America and the Caribbean held in Florida, United States of America from February 7 to 10.
Honourable Kye Rymer said, “I am indeed thrilled that the VI was represented at this summit where the information gleaned will better equip the Territory with the necessary tools to make sound decisions on the way forward as we take the necessary, measured steps to develop and enhance the system of airports in our Territory.”
Chairman of the Board of Directors, Mr. Theodore E. Burke led a delegation including Managing Director Mr. Kurt Menal and Director of Finance Mr. Elvis Harrigan to the summit which saw the attendance and participation of Government Officials, Investors, Airport Management and Aviation Professionals, Architects, Engineers and Consultants who engaged in discussions on the most effective ways to approach airport expansion and development projects in Latin America and the Caribbean through varied financing and management models.
Mr. Burke said the Authority is keen to continue the ground work for the proposed airport expansion and development project and its participation in the summit did not only provide the team with the requisite tools to make better informed decisions but also connected it to a network of experts who would provide assistance through the process.
Mr. Burke added, “During the summit, we were able to interact with other airports who underwent expansion projects using various models as we seek to determine the best possible option for our own development project. These included Public/Private Partnerships (PPPs/P3’s), Government funded and self-funded, who were able to share their reality of each method.”
The Authority’s delegation also engaged in informative sessions on the Miami International Airport expansion project, expansion of airports in the Caribbean region, airports of the future and airport expansion through P3’s with the experts directly involved in these projects. The team also participated in sessions on aeronautical infrastructure, airport design, financing and project management, sustainable development, implementation of PPPs, budgeting best practices and PPP strategies and PPP Policy and regulatory frameworks.
Managing Director, Mr. Kurt Menal shared that the team is revisiting the various studies and plans that were developed over the years for the proposed expansion project.
He added, “We will be utilising all the resources already available to us while simultaneously enhancing our service offering through the optimisation of our current infrastructure. The intention is to develop the Terrance B. Lettsome International Airport based on a road map for efficiently meeting aviation demand through the foreseeable future while preserving the flexibility necessary to respond to changing industry conditions.”
Following the summit, some members of the delegation also attended a session with the Airports Council International (ACI) on Legal Considerations for Airport Construction Projects. This session discussed the main aspects of each stage of the project life cycle, from project definition to planning, design, construction and handover.
Director of Finance, Mr. Elvis Harrigan said both sessions were very timely and informative and equipped the team with the relevant foundational knowledge to revitalise the airport expansion project and advise the ministry on a development option going forward.
The expansion of the Terrance B. Lettsome International Airport has been the subject of discussion for several years and various studies and assessments have been undertaken to support the proposed project. The Ministry of Communications and Works and the BVI Airports Authority have shifted the focus from airport expansion to holistic airport development based on a master plan which is a long-term guide to development that supports an airport’s business and infrastructure development strategy.
In the interim, the authority in concert with related national development partners will continually work to improve connectivity to the Territory through a robust air service development programme utilising the current infrastructure.
As the festive season brings increased consumer activity, the British Virgin Islands Bank Association (BVIBA) has issued a stern reminder to merchants across the territory regarding compliance with card transaction policies.
The association warns that imposing minimum spending requirements or charging additional fees for card payments is not only against their merchant agreements but also violates regulations established by major payment networks, VISA and Mastercard.
The advisory, issued on Wednesday, December 18, warns that merchants engaging in these practices are in breach of their contractual obligations with their respective financial institutions. “We request that all merchants immediately cease these practices to ensure compliance,” the statement read.
The BVIBA comprises several prominent financial institutions, including Bank of Asia (BVI) Limited, CIBC Caribbean, FirstBank PR, National Bank of the Virgin Islands, Popular, Republic Bank (BVI) Limited, and VP Bank (BVI) Limited.
For inquiries or guidance on compliance, the BVIBA advises merchants to contact their respective banks promptly.
Business
BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes
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.
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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.
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