KINGSTON, Jamaica — Tourism Minister Edmund Bartlett has urged the creation of a dedicated Caribbean Tourism Bank, calling on the Inter-American Development Bank (IDB) to lead the establishment of a regional financing institution designed to deliver tailored investment products for the tourism sector.
Tourism Minister Edmund Bartlett (second right) addresses members of the IDB Board. Others (from left) are Executive Director of the Global Tourism Resilience and Crisis Management Centre, Professor Lloyd Waller, IDB Executive Vice President Jordan Schwartz, and Director of Tourism Trade and International Relations in the Tourism Ministry, Christina Edwards. He made the proposal during a luncheon held in his honour in Washington, D.C., following discussions with members of the IDB Board of Directors.
Addressing senior development finance officials, Bartlett argued that the Caribbean has long operated without a financing framework suited to tourism, which he described as “the world’s fastest and most immediately convertible economic activity.”
“We think that the time has come for a regional financial institution dedicated to tourism in the Caribbean… a tourism bank where products can be crafted and developed that are responsive to tourism’s demands and supply dynamics,” he said.
The minister suggested that persistent hesitation around tourism investment in the region stems partly from outdated perceptions of the sector’s stability and value, calling for what he described as “psychological decolonisation” in how tourism is viewed and financed.
“There is uncertainty. Some do not believe we are a stable enough industry – that we are too susceptible to disruptions,” Bartlett said. Some of this stems from the historic process… from a mindset that came from a different time… and some even from the confusion of service with servitude. So there is a degree of psychological decolonisation [and it] is necessary to divest ourselves of those remnants of the past.”
He said such perceptions have limited the development of financial instruments that properly reflect tourism’s economic weight and long-term potential.
Bartlett further stressed that tourism should be recognised as a transformative economic driver rather than a peripheral service industry, noting its role in reshaping communities and improving infrastructure across the region.
“Unlike several other industries that come and go, leaving only remnants behind, tourism continues to give life and energy to communities and provide livelihoods for people,” he said.
The minister pointed to visible development in communities across Jamaica and the wider Caribbean, where tourism activity has helped drive improvements in roads, utilities, and economic opportunities.
He reaffirmed the Government’s position that tourism-led growth must translate into tangible benefits for ordinary citizens, describing the sector as a key tool for inclusive development.
“Tourism is a great vehicle to achieve that… with its wonderful catalytic properties,” he added.
Bartlett also positioned the IDB as a critical partner in advancing the proposal, citing its regional reach, capital strength, and development mandate as key advantages in establishing a specialised tourism financing mechanism.
He said such a bank could help unlock private-sector investment, strengthen the region’s resilience to climate-related shocks, and expand sustainable growth opportunities across Caribbean economies.
The proposal comes as Jamaica continues to advocate for stronger regional financial architecture, with Bartlett linking the initiative to broader efforts to build resilience in the tourism sector following Hurricane Melissa’s impact in 2025 and the industry’s subsequent recovery heading into 2026.
