– Advertisement –
WASHINGTON, Apr 10, CMC- Jamaica’s Tourism Minister, Edmund Bartlett, has called for the creation of a dedicated Caribbean tourism bank saying that the region has long suffered from the absence of an investment framework tailored to tourism.
Bartlett wants the US-based Inter American Development Bank (IDB) to champion a region specific financial institution that can develop tailored products and financing solutions to meet the unique needs of the Caribbean tourism sector.
Bartlett made the calls earlier this week as he addressed a luncheon held in his honour following a meeting with members of the IDB Board of Directors in Washington.
He told the senior development finance officials that the Caribbean has long suffered from the absence of an investment framework tailored to tourism, an industry 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.”
Bartlett used the occasion to highlight what he described as a persistent ambivalence towards tourism investment in the Caribbean – an outlook he linked partly to historical and psychological legacies that have obscured the sector’s true economic power.
He called for a process of “psychological decolonisation” that repositions tourism, not as a colonial legacy but as a sovereign economic driver capable of reshaping communities, creating quality jobs, and delivering transformative infrastructure.
“There is uncertainty. Some do not believe we are a stable enough industry – that we are too susceptible to disruptions. 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,” Bartlett said, noting that tourism is a transformative activity, one that reshapes communities and redefines places.
“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.”
Bartlett underscored tourism’s proven role as a catalyst for community development, pointing to the visible transformation of townships across Jamaica and the wider Caribbean where tourist activity has brought roads, water, electricity, and economic opportunities to communities that once lacked such infrastructure.
He reaffirmed the commitment of the administration of Jamaica’s Prime Minister, Andrew Holness to ensuring that the growth generated by tourism directly benefits ordinary Jamaicans.
“Tourism is a great vehicle to achieve that… with its wonderful catalytic properties,” he said, urging the IDB to take a leadership role in advancing the tourism bank concept.
Bartlett noted that the institution’s regional presence, capital base, and development mandate uniquely position it to partner with Caribbean governments in building the financial architecture the sector needs.
He expressed confidence that a dedicated tourism financing mechanism could accelerate private-sector investment, strengthen resilience against climate related disruptions, and expand the sector’s contribution to sustainable growth across the region.
– Advertisement –
