The Government of Dominica joined 30 other countries that deposited their instruments of ratification of the Paris Agreement on climate change at a Special Event at the United Nations in New York
New York, September 21, 2016 – The Government of the Commonwealth of Dominica joined 30 other countries to deposit their instruments of ratification of the Paris Agreement on climate change at a special event at the United Nations on Wednesday September 21, 2016. The Government of Dominica was represented by Minister of Foreign Affairs and CARICOM, Hon. Francine Baron.
This brings the number of countries that have joined the Paris Agreement to 55, reaching one requirement for the coming into force of the Agreement. The Agreement will come into force when the total number of countries that have ratified the convention accounts for 55% of global greenhouse gas emissions.
The Paris Agreement was adopted by 195 countries at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP21) held in Paris, France, in December 2015. The Agreement calls on nations that have ratified to pursue their highest possible ambition to reduce greenhouse gas emissions using “Nationally Determined Contributions” (NDCs) and monitored through a reporting mechanism.
The overall goal of the Paris Agreement is for countries to take action to keep global temperature rise this century below 2 degrees Celsius above pre-industrial levels while at the same time using best efforts to limit global temperature rise to 1.5 degrees Celsius.
Minister Baron said that she is encouraged by the strong commitments made by the 55 countries that have ratified the Paris Agreement on Climate Change. The recent leadership demonstrated by the United States and China, the biggest emitters, gives hope especially to SIDS that the we are on a path to achieving the ambitions set in the Agreement. The next critical step is to ensure that financing is predictable and accessible to Small Island Developing States (SIDS) like Dominica to build resilience and to adapt to the impact of climate change.READ MORE Сентябрь 23, 2016
The Government of the Commonwealth of Dominica signed a USD $1.5 million Partnership Agreement with the Government of New Zealand to support the construction of a 7 MW geothermal power plant in Dominica
New York, USA (September 21, 2016) – The Government of the Commonwealth of Dominica and the Government of New Zealand expanded their cooperation in geothermal energy development with the signing of a NZ$ 2.05 million (US$ 1.5 million/EC$ 4 million) Partnership Agreement to support the construction of a 7 MW geothermal power plant in Dominica. The agreement was signed between the Ministers of Foreign Affairs, Hon. Francine Baron of Dominica and Hon. Murray McCully of New Zealand.
Since 2014, the Government of New Zealand has been providing the Government of Dominica with Technical Assistance for the development of Dominica’s geothermal resources.
The new Partnership will expand the technical assistance and be based on an implementation timeframe of 2016 to 2019. It will include:
- Technical advice for the front end engineering and design;
- Project management support to help progress the Project through tendering and award of contracts so that construction can commence;
- An Environmental and Social Impact Assessment, Management Plan and Management System; and
- A project manager, to be seconded into the Dominica Geothermal Company to coordinate all activities to execute the Project for a period of up to 24 months once the EPC contract has been signed, commencing in 2017 and concluding in 2019.
The assistance from the Government of New Zealand will provide the Government of Dominica with the technical expertise required to realize the construction of the 7 MW geothermal power plant to be commissioned in 2019.
The Government of the Commonwealth of Dominica expresses its profound gratitude to the Government of New Zealand for providing critical support to Dominica’s geothermal development efforts and in the country’s economic development.READ MORE Сентябрь 22, 2016
Dominica Prime Minister Budget Speech: “Building a More Resilient Dominica”
On 26th July 2016, during the financial budget announcement for 2016/2017, Dr the Honourable Roosevelt Skerrit endorsed the nation’s Citizenship by Investment Programme, noting that it stands as an “important non-tax earner” and a “credible means of financing development.”
Recent reforms to Dominica’s Programme have paved the way for it to become one of today’s most popular and transparent programmes. For example, reminded the Prime Minister, it was under his administration that a separate Government Unit was established to run the Programme, and that new, strict supervision of Government funds was implemented. Dominica is also celebrated for its stringent due diligence procedures, which it applies against all investors to ensure that only the “best and most credible applicants” are approved for citizenship.
In the previous financial year, said the Prime Minister, funds from the Citizenship by Investment Programme were directed towards geothermal projects and post-Tropical Storm Erika rehabilitation works.
The Honourable Roosevelt Skerrit also highlighted the impact of the Programme on the property sector. The Kempinski luxury project, which was started in January 2016, will result in a 160-room five-star resort. Tranquility Beach Dominica, the brainchild of a local Dominican, will be managed by Curio, a collection by Hilton, and provide 73 rooms. New projects, including Silver Beach, Bois Cotlette, Jungle Bay, and Secret Bay were also granted provisional approval.
The Prime Minister noted that the proposed fee increases would be deferred, dispelling recent speculation that contribution fees for single applicants choosing the Economic Diversification Fund (EDF) route would be raised by August 2016. The fee for single applicants will thus remain US$100,000.READ MORE Июль 27, 2016
On July 7 and 8 2015, the Prime Minister of the Commonwealth of Dominica, the Honourable Roosevelt Skerrit, joined esteemed colleague the Honourable Timothy Harris of St Kitts and Nevis to attend this year’s Citizenship by Investment & International Residence Summit at the Millennium Hotel in Mayfair, London.
The Prime Minister delivered an impassioned speech, demonstrating his Government’s wholehearted support for the Dominican Citizenship by Investment Programme, as well as his deep appreciation for the role that the Programme has played and will continue to play in Dominica’s growth. The Prime Minister underlined the traits that have made Dominica one of the world’s most desirable destinations for global investors, including the recent restructuring of the Programme. Importantly, the Prime Minister’s key message to the delegation was the need for stringent due diligence and transparency, with a view to safeguarding the reputation of the Programme and the wellbeing of the nation.
Finally, in an address that was echoed by the Prime Minister of St Kitts and Nevis and Minister Alexandra Otway from Grenada, the Honourable Roosevelt Skerrit stressed the importance of the Caribbean working together to promote the region as a desirable investment destination.
READ MORE Июль 20, 2015
…Dominica Sets New Record Low Rates for Treasury Bills
Roseau, Dominica – Tuesday, March 18, 2014 – The Government of Dominica has set a new record low rate for Treasury Bills on the Regional Government Securities Market, RGSM. On Monday, March 17, 2014, the Government of Dominica raised 20 million EC dollars at a record low 1.999% through the first of a series of three, 91 day Treasury bill offerings. Honourable Roosevelt Skerrit, Prime Minister and Minister for Finance welcomed the low Treasury bill rate. He viewed it as a vote of confidence in his administration’s policies.
“Many countries in the developed world especially in Europe have had difficulty in raising monies at concessionary rates. The discount rate achieved in Monday’s Treasury bill offering means that Government can now raise the financing it needs at a lower cost to the taxpayers of Dominica. The Government has had to grapple with our own challenges but we have worked actively to build a strong platform for sustained economic growth. Our prudent fiscal and economic policies have insulated the country from the more severe effects of the global recession,” Prime Minister Skerrit stated.
The rate of 1.999% is 50 basis points below the previous record of 2.49%. Investors view the purchase of the 91 day Treasury bill as a low-risk investment opportunity. The low Treasury bill rate demonstrated the ability of the Government of Dominica to raise money at relatively low cost.
Encouraged by this success in raising revenue through government will seek to raise an additional 65 million EC dollars on the RGSM through the remaining two, 91 day Treasury bills and one five year, 25 million dollar bond. This is to finance part of government’s operating budget and refinance existing government debt, the interest rate on which is much higher than the interest rate government obtains on its Treasury bills. Treasury Bills present an avenue to invest outside of the normal banking system.
The Dominica Labour Party Administration is committed to creating a local economy that develops the lives of the people of Dominica without creating unsustainable debt burdens.
Dominica and the People’s Republic of China celebrate a significant milestone, one decade of fruitful relationships between the two countries. Dominica established diplomatic relations on March 23, 2004. Since then the two countries have enjoyed a meaningful partnership promoting mutual cooperation, culture and peace, which has been significantly beneficial to the Commonwealth of Dominica in a variety of sectors as Dominica continues to support the One China Policy.
It is therefore with much satisfaction that Government begins celebrations with the Embassy of the Peoples’ Republic of China to mark the first decade of Diplomatic relations. This as the Nanjing National Orchestra stages a cultural performance on Friday, March 21, 2014 from 8:00pm at the Arawak House of Culture. The cultural performance on Friday is open to the general public and all are invited to participate in this activity.
The Nanjing National Orchestra was established in 1986 and is comprised of artist of Chinese folk music. Since 1988, the group has presented Chinese folk music worldwide, including holding concerts in the United States, Russia, Romania, Bulgaria, Sweden, Germany, Japan, and France. The group has promoted cultural exchanges between the PRC and the rest of the world.
The Government of Dominica and the Embassy of the People’s Republic of China will also host a cocktail reception on Saturday, March 22 at the Conference Center of the State House to officially celebrate the 10th Anniversary of the Dominica-China relationship. A year of joint activities is planned to commemorate the first decade of Dominica–China diplomatic relations throughout 2014.
At the Human Resource Development level, the total number of Dominicans (Public & Private Sector professionals) who have benefited from Chinese sponsored Training opportunities, and who have visited the People’s Republic of China during period 2005 to 2013 is between 800 and 900. An additional group of ten (10) Dominican students began university studies in China in 2013, bringing the total to about 130 full Government Scholarships awarded to the Government of Dominica since 2004.
A number of Technical and Economic Cooperation Projects aided by the Government of the People’s Republic of China are underway in Dominica. Among these are: Dominica State House and Dominica State College, New Town Primary School, Fourth Phase Windsor Park Sports Stadium Technical Cooperation Maintenance Project as well as the Supplementary Engineering Works on E O Leblanc Highway, including Bus Shelters. The Installation of Chinese Agricultural Cooperation at One Mile Agricultural Station at Portsmouth and the reconstruction of the Agricultural Demonstration Centre in that area, including the Carib Territory Housing Project which is in its final phase, as well as the 3rd Phase of Chinese Medical Cooperation at the Princess Margaret Hospital.
The Chinese Government responded positively to Invest Dominica Authority (IDA) request for financial support for sewing groups in rural communities, and provided funding to cover acquisition of Sewing Machines, in testimony of strengthening cooperation with the Government of Dominica in job creation and community empowerment. The Dominica Police Force has also been supported with material and equipment, including motorcycles as well as formal communication language skills in mandarin Chinese.
Further, in respect to regional development, China is one of 5 non-borrowing members of the Caribbean Development bank (CDB) whose purpose is ‘to contribute to the harmonious economic growth and development of the member countries in the Caribbean and to promote economic cooperation among them, having special and urgent regard for the needs of the less developed members of the region.’ China is also a contributor to The Disaster Mitigation Facility for the Caribbean (DMFC), an initiative of the Caribbean Development Bank (CDB) and the United States Agency for International Development (USAID), to promote sustainable development through reduction of natural hazard risk in CDB’s Borrowing Member Countries (BMCs).