Billions Paid in Global Remittances to Caribbean Nations

Billions Paid in Global Remittances to Caribbean Nations

A year ago, more than $15 billion US in settlement payments was sent back to several Caribbean countries across the region, a News Americas investigation of the most recent World Bank report on worldwide settlements has found.

Three Caribbean nations got the most in spite of the worldwide pandemic. The Dominican Republic got US$8.3 billion in settlements a year ago while Haiti got US$3.1 billion and Jamaica US$3 billion.

Different nations got the accompanying sums:

  • Guyana – US 361 million
  • Trinidad and Tobago – US 178 million
  • Barbados – US 108 million
  • Dominica – US 49 million
  • Grenada – US 48 million
  • St. Vincent and the Grenadines – US 44 million
  • St. Lucia – US 41 million
  • Sint Maarten – US 33 million
  • St. Kitts and Nevis – US 26 million
  • Antigua and Barbuda – US 25 million
  • Turks and Caicos – US 7 million
  • Suriname – US 1 million

Referring to the information on Thursday, Invest Caribbean CEO, Felicia J. Persaud, introducing at a National Bar Association board on ‘Africa And The Caribbean Region: Bridging the Diaspora through International Trade and Investment,’ said the opportunity had arrived for the Caribbean and Africa to transform the billions of settlements into an Africa and Caribbean Diaspora Fund.

Recognizing the common issue of the absence of admittance to capital looked at by organizations in the two areas, Persaud tested individual specialists and the Association to join Invest Caribbean in making such an asset a reality.

“We are talking about a combined US 60 billion conservatively that goes back to these regions annually. Imagine if we can turn that into a fund that delivers a return on investment for the sender plus helps develop economies and funds dreams,” she said. “The power is really in our hands here in the Diaspora, if we can simply unite our human and financial resources.”

Specialists included Dr. Antonia Joy Kategekwa of the UN Development Program (UNDP); Efe Ukala the Founder of ImpactHER; Florizelle Liser; President and CEO of the Corporate Council on Africa; and Simone Williams, the organizer and overseeing lawyer of Williams Global Law, investigated underlying obstacles to worldwide exchange and speculation that effects the Diasporas just as focused arrangements like the New African Continental Free Trade Area.

It was directed by Attorney James Woods, Jr., the seat of the global association council of the NBA and furthermore incorporated a location by Congresswoman Stacey Plaskett of the US Virgin Islands and President of the NBA, CK Hoffler.

The incredible capability of utilizing diaspora speculations to back advancement in the Caribbean and Africa has been contended by assorted investigations and pushed by the World Bank, IMF, the African Development Bank, diaspora associations, and a wide scope of other legitimate organizations.

Be that as it may, there is not really any organized diaspora shared assets, and just four African nations have at any point given bonds bundled and focused on explicitly for the African diaspora.

The National Bar Association was established in 1925 and is the country’s most seasoned and biggest public organization of overwhelmingly African American lawyers and judges.