GEORGETOWN, Guyana - Guyana and Barbados have announced the establishment of the Trident Arrow Investment Fund, a bilateral investment fund, for ordinary persons to invest in critical infrastructure and long-term, medium-to-long-term investment projects in the utility sector, technology and agro-processing.
Barbados Prime Minister Mia Mottley and Guyana President Irfaan Ali, announcing the establishment of Trident Arrow Investment Fund at news conference on Tuesday night (CMC Photo)President Irfaan Ali and Barbados Prime Minister Mia Mottley made the announcement at a news conference on Tuesday night, as Guyana celebrated the 60th anniversary of its political independence from Britain.
Ali told reporters that the diaspora bond would allow overseas-based Guyanese to invest in a range of infrastructure projects and that it is aimed at raising funds from the diaspora for investment in public infrastructure projects in Guyana.
“Members of the diaspora, here is your opportunity to make your contribution and to be part of the massive transformation taking place in our country,” he told the news conference.
Mottley said that Guyana and Barbados would be working on the establishment of the Trident Arrow Investment Fund, saying “we believe that this is the only way we can one allow our citizens, certainly in Barbados’ case, to be able to earn a return that is greater than what the banks are paying at 0.1 per cent in savings, and in an inflationary environment you effectively pauperise your citizens”.
Mottley said the aim is to encourage Guyanese and Barbadians to become owners in the land of their birth rather than tenants for the period of their lifetime and sought to assure that Trident Arrow Fund would not be a political fund but one that would be properly managed with “all the proper prudential regulations and financial mechanisms and laws.
“Instead of allowing only other foreign investment to come in to hold critical parts of aspects of our economy, it allows ordinary people who could not do it on their own, but who, as part and parcel of a collective group, can make it happen in those countries,” she said.
The announcement of the fund comes as the two Caribbean Community (CARICOM) countries officially launched this week a new programme to make travel between the two countries much easier.
On Monday, Mottley became the first Barbadian to travel to Guyana using a digital identification card instead of a passport as part of the new measure being implemented by both countries, allowing their citizens to travel without passports.
“This initiative represents a major step forward in regional cooperation,” President Ali said, telling reporters that the venture was made possible through the passage of the necessary orders by the cabinets of both countries, following consultations involving government officials, CARICOM IMPACS and other regional stakeholders.
It will be fully rolled out from July 1, giving airlines time to adjust.
