St Kitts sets sights on sustainable growth beyond CBI dependency
St Kitts and Nevis is looking to move away from being largely dependent on funds generated by its lucrative Citizenship By Investment Programme (CBI) for economic advancement.
In a national address last evening, Prime Minister Dr Terrance Drew presented his administration’s Sustainable Island State Agenda which is intended to move the country away from relying on the CBI as a major source of revenue for economic and infrastructural development.
Drew said that relying on the CBI, which accounted for at least 60 per cent of the country’s annual revenue two years ago, is unwise because it is inconsistent and faces pressure from external forces like the United Kingdom and European Union, who are working to eliminate the visa-free privileges that make the country’s passport desirable.
The prime minister revealed that the CBI generated over EC$2.5 billion in revenue between 2019 and 2023.
He said the government plans to use CBI funds to “fuel real, tangible, sustainable projects that will create permanent jobs and opportunities for the people of Saint Kitts and Nevis.”
“Over the next two to three years, we anticipate an economic boom in construction, tourism, agriculture, and sustainability projects. This will be driven by a pivot from our dependency on CBI to SEED; the Sustainable Economic Expansion and Diversification pillars of our Sustainable Island State Agenda. This is a fundamental part of Saint Kitts and Nevis’ National Development Planning Framework – a comprehensive guide to the evolution of our economy for the next 15 years,” the prime minister said.
Projects on the government’s agenda include a new Basseterre High School on Victoria Road, funded through the CBI; the JNF Climate-Smart General Hospital at Camps, backed by the Taiwanese government; a desalination plant in Basseterre; and the Needsmust Power Plant Expansion, financed by the Saudi Fund for Development.
Local farmers are set to receive more support through a collaboration with Tabasco, an American brand of hot sauce, granting them an unprecedented chance to grow high-quality peppers for export.
“We have a plan. A boom is coming to Saint Kitts and Nevis. For the past two years, we have been planting the SEED for our Sustainable Island State Agenda. Now, it is time to water that SEED, so the plant of prosperity and sustainability can flourish,” the prime minister stated.
Drew said he will speak more about the Sustainable Island State Agenda in his budget speech in a few weeks.
The prime minister urged all residents of St Kitts and Nevis to embrace the change and do their part to advance the country’s economy.
