AGP Executive Report

Social Protection: Prime Minister Godwin Friday says a Social Protection Bill will put assistance on a firmer legal footing, with wider support planned for older people and residents with disabilities. NIS pensions will rise in January 2027: contributory payments will be adjusted for inflation, minimum pensions will increase 25% to EC$100 a week, and non-contributory pensions will rise to EC$50. Cruise Investment: A 30-year deal gives Global Ports Holding management and development rights while SVG keeps full ownership of its cruise facilities. The company must invest at least US$20 million in Kingstown and US$60 million in a second phase, including a pier and mega-yacht berth at Union Island. Officials say local businesses could benefit from increased visitor spending. Development Finance: Parliament approved SVG’s membership in CAF, requiring the purchase of 141 shares worth more than EC$2 million. Membership opens access to potential financing, but does not guarantee loans; lawmakers urged careful borrowing and spending.

Pensions: NIS pensioners will receive higher payments from January 2027. The minimum contributory pension rises 25%, from EC$80 to EC$100 a week, while the non-contributory pension and Elderly Assistance Benefit increase from EC$37.50 to EC$50. Cruise Tourism: Government has signed a 30-year deal with Global Ports Holding to manage and expand cruise facilities, while retaining full ownership. GPH must invest at least US$20 million in Kingstown and US$60 million in a second phase, including a berth at Union Island; officials say local businesses should benefit from increased visitor activity. Development Finance: Parliament approved SVG’s membership in the Development Bank of Latin America and the Caribbean. The country must buy 141 shares costing more than EC$2 million, gaining eligibility to seek larger loans, though financing is not guaranteed to be concessionary. Airport Contracts: Government has split Argyle International Airport’s janitorial work into three contracts after a competitive tender, ending Patriot Company’s nine-year master contract and opening the work to more local providers.

Cruise Investment: SVG signed a 30-year operating and development deal with Global Ports Holding while keeping full ownership of its cruise facilities. GPH must invest at least US$20 million in Kingstown and US$60 million in a second phase. Officials say local vendors, tour operators and suppliers should benefit. Development Finance: Parliament approved SVG’s membership in CAF, requiring a US$2 million share purchase and opening access to potential borrowing. Membership does not guarantee loans, and lawmakers raised concerns about borrowing costs and how funds will be used. Energy Costs: Gasoline prices fell to EC$17.29 per gallon from Oct. 26, while VINLEC’s October fuel surcharge rose seven cents from the previous month. Tourism Pipeline: Vincy Escape launched a five-day 2027 visitor programme combining entertainment, wellness and island excursions, with Tourism Authority support to attract visitors and local spending.

Airport Contracts: Government has replaced Argyle International Airport’s single $79,254 janitorial contract with three contracts after a tender. Awards to a company owned by Deputy Prime Minister St. Clair Leacock and the two public-sector unions have prompted scrutiny of the process. Development Finance: Parliament approved SVG’s membership in CAF, requiring a US$2 million share purchase. Membership opens access to financing, not guaranteed loans; opposition lawmakers warned borrowing could carry market-rate costs. Investment Pipeline: Three Saudi Fund financing agreements have been signed, though EC$170.6 million in existing Saudi loans remains unspent. A cruise-port agreement is planned, while a US$16.5 million Hilton project and proposed US$35 million Holiday Inn sale point to further tourism investment. Costs & Skills: Gasoline prices fell at the pumps from October 26, but VINLEC’s fuel surcharge rose seven cents for October. Twenty-three people completed fibre-optics technician training, and a regional digital-growth programme is targeting local MSMEs.

Airport Contracts: The government has split Argyle International Airport’s janitorial work into three contracts, ending Patriot Company’s nine-year hold on the EC$79,254 master contract. Development Finance: Parliament approved SVG’s membership in CAF, requiring a roughly US$2 million share purchase. Membership opens access to financing but does not guarantee loans, and lawmakers warned borrowing may carry market-rate costs. Cruise Tourism: SVG is set to sign a deal with Global Ports Holding to manage cruise operations, as calls are forecast to rise from 246 this season to 355 in 2026–27. Project Delivery: EC$170.6 million of EC$177.7 million in Saudi Fund development loans remains unspent, prompting the prime minister to demand faster execution. Energy Costs: Gasoline fell EC$1.02 to EC$17.29 a gallon, while diesel prices rose; October’s VINLEC subsidy reached a record EC$798,591 to limit higher electricity costs. Small Business: The registration deadline is today for a regional programme helping MSMEs build digital skills and expand into e-commerce.

Development Finance: Parliament approved St. Vincent and the Grenadines’ membership in regional development bank CAF. The country will invest about US$2 million for potential access to roughly US$8 million in financing, but loans are not guaranteed. Project Delivery: EC$170.6 million of EC$177.7 million in Saudi Fund development loans remains unspent, prompting Prime Minister Godwin Friday to demand faster execution and tighter accountability. Tourism Investment: Government says it plans to sign a cruise-port operations agreement with Global Ports Holding on Monday, as projected cruise calls rise to 355 for the 2026–27 season. Invest SVG also reports 13 proposals worth US$442.9 million, including a proposed US$35 million hotel sale and a US$16.5 million Hilton project. Energy Costs: From Monday, gasoline falls EC$1.02 to EC$17.29 a gallon, while diesel prices rise. Government says fuel-tax cuts and EC$3.9 million in electricity subsidies are cushioning households and businesses from global price swings. Skills: Twenty-three participants completed SVG’s first outside-plant fibre-optics technician training programme, building skills for the telecommunications sector.

Development Finance: Parliament approved St. Vincent and the Grenadines’ membership in regional development bank CAF, opening another potential source of financing and technical support. The country will subscribe US$2 million in shares; membership does not guarantee loans. Cruise Tourism: A 30-year agreement with Global Ports Holding is due to be signed Monday, with up to EC$250 million in phased investment planned for port upgrades and cruise-sector growth. Energy Costs: From Monday, gasoline falls EC$1.02 to EC$17.29 per gallon, while diesel rises slightly. The government is maintaining a 50% excise-tax cut and electricity subsidies, which reached a record EC$798,591 in October. Project Delivery: Of EC$177.7 million in Saudi development loans, EC$170.6 million remains unspent, prompting the Prime Minister to demand faster execution. Investment Pipeline: Invest SVG is assessing 13 proposals worth a combined US$442.9 million; none has received final approval. Skills: Twenty-three participants completed the country’s first fibre-optics technician training programme, building skills relevant to the telecommunications sector.

Fuel Costs: Gasoline falls EC$1.02 to EC$17.29 per gallon from Monday, while diesel rises slightly. A 50% excise-tax cut remains in place, and October’s record EC$798,591 electricity subsidy helps limit VINLEC’s fuel surcharge increase. Cruise Tourism: SVG is set to sign a 30-year agreement with Global Ports Holding on Monday, with up to EC$250 million in phased investment planned for port upgrades. Officials say the partnership should also bring more cruise-sector business to local vendors and operators. Public Investment: The government has signed three Saudi Fund for Development financing agreements, but EC$170.6 million of the EC$177.7 million available remains unspent, prompting a warning over slow project delivery. Investment Pipeline: Invest SVG is assessing 13 proposals worth a combined US$442.9 million, spanning tourism, aviation, marine infrastructure, housing and environmental management; none has yet received final approval. Small Business: Local MSMEs had until the registration deadline to join a regional programme offering support for digital upgrades and e-commerce growth.

Airport Contracts: Government split Argyle International Airport’s cleaning work into three contracts, awarded to a company owned by Deputy Prime Minister St. Clair Leacock and the two main public-sector unions, replacing Patriot Co.’s airport-wide contract. Small Business: Local MSMEs had until today to register for a regional programme offering digital skills and e-commerce support. Public Finance: SVG signed three Saudi Fund for Development agreements worth EC$177.7 million, but just EC$3.39 million has been spent, leaving EC$170.6 million unused. Prime Minister Godwin Friday warned of tighter accountability for delayed projects. Cruise Tourism: Government says it will sign an agreement with Global Ports Holding on Monday, paving the way for a 30-year concession and up to EC$250 million in phased port investment, with a stated goal of increasing benefits for local businesses. Investment: Invest SVG has 13 active proposals worth US$442.9 million, including a US$16.5 million Hilton resort proposal and the proposed US$35 million Holiday Inn/Best Western sale. Energy Costs: From Monday, gasoline falls EC$1.02 to EC$17.29 a gallon, while diesel rises four cents and low-sulfur diesel 33 cents. Fuel-tax cuts and electricity subsidies continue as energy costs strain public finances.

Public Investment: SVG has signed three Saudi Fund for Development financing agreements worth EC$177.7 million, but EC$170.6 million remains unspent. Prime Minister Godwin Friday warned that slow project delivery will face stricter accountability. Energy Costs: October’s electricity fuel surcharge rose to 86.71 cents per kWh despite a record EC$798,591 subsidy; gasoline prices, however, fall to EC$17.29 a gallon on Monday, October 26. Tourism: The government plans to sign a 30-year cruise-port agreement with Global Ports Holding on Monday, with up to EC$250 million in phased investment and hopes of bringing more cruise spending to local businesses. Investment Pipeline: Invest SVG is reviewing 13 proposals valued at US$442.9 million, including a proposed US$16.5 million Hilton resort at Bambareaux and the advanced US$35 million Holiday Inn/Best Western property sale. Small Business: Today is the deadline for MSMEs to register for a regional programme supporting digital upgrades and e-commerce growth.

Investment Pipeline: Invest SVG is managing 13 proposals worth US$442.9 million across tourism, aviation, marine infrastructure, housing and environmental projects. None has reached final completion. Cabinet has approved key terms for the proposed US$35 million sale of the Holiday Inn/Best Western property at Diamond, while a US$16.5 million Hilton resort at Bambareaux remains at an early stage. Cruise Tourism: SVG is set to sign a 30-year agreement with Global Ports Holding, which could bring up to EC$250 million in phased investment to modernise Kingstown’s cruise terminal and expand local business opportunities. Fuel and Power: From Monday, October 26, gasoline falls to EC$17.29 per gallon, while diesel rises slightly. VINLEC’s October fuel surcharge is 86.71 cents per kWh, despite a record EC$798,591 government subsidy. Business Opportunities: CannaBiz SVG runs October 29–31 in Kingstown, bringing businesses and cultivators together for trade discussions, networking and an exhibition.

Cruise Investment: SVG is set to sign a 30-year agreement with Global Ports Holding on Monday, paving the way for up to EC$250 million in phased upgrades to Kingstown’s cruise terminal. The government says the deal should help local vendors, tour operators and other businesses capture more tourism spending. Fuel Costs: Gasoline prices will fall from Monday, offering some relief to motorists and consumers, while diesel prices will rise. The cut comes as VINLEC’s October electricity fuel surcharge climbed to 86.71 cents per kWh, despite a record EC$798,591 subsidy. Tourism: Sandals Saint Vincent has been named the Caribbean’s Leading All-Inclusive Resort for 2026, adding fresh recognition for the destination. New Business: CannaBiz SVG runs October 29–31, bringing industry talks, networking and an exhibition aimed at building trade and partnerships. Regional Investment: The U.S. announced a US$340 million Caribbean funding package focused on areas including energy, ports and digital infrastructure; SVG joined the regional dialogue, but specific projects for the country were not announced. Banking: BOSVG reported a EC$15.03 million interim loss for the first half of 2026, largely due to a sharp rise in provisions for credit losses.

Regional Investment: The U.S. announced a US$340 million Caribbean funding package covering energy, ports, digital infrastructure, health and security. St. Vincent and the Grenadines took part in the talks, but no country-specific allocation was announced. Energy Costs: VINLEC’s October fuel surcharge rose seven cents to 86.71 cents per kilowatt-hour. A company subsidy of EC$798,591 has kept the rate below 92 cents. Banking: BOSVG reported a EC$15.03 million interim loss for the first half of 2026, driven by a sharp rise in provisions for credit losses. Tourism and Trade: The Tourism Authority is preparing a Sunday Cruise Village for the October 25 cruise call, giving local vendors and artisans a chance to sell to visitors. Meanwhile, Invest SVG is showcasing local producers and the country’s investment and tourism opportunities at the World Island Exhibition in South Korea.

Regional Investment: St. Vincent and the Grenadines joined a U.S.-Caribbean dialogue ahead of a US$340 million regional funding package targeting energy, ports, critical minerals and digital infrastructure. No specific allocation for SVG was announced. Electricity Costs: VINLEC’s October fuel surcharge rose seven cents to 86.71 cents per kWh, even with a record EC$798,591 subsidy; the company says global fuel prices drove the increase. Banking: BOSVG reported a EC$15.03 million half-year loss, reversing last year’s profit, as credit-loss provisions climbed sharply. Tourism and Trade: Invest SVG is showcasing local businesses and products at South Korea’s World Island Exhibition, promoting SVG as a place to visit, trade with and invest in. Community Investment: A new BNTF programme is expected to help more than 700 Vincentians through improved roads and footpaths.

Energy Costs: VINLEC’s October fuel surcharge rose to 86.71 cents per kWh despite a record EC$798,591 subsidy, adding pressure to household and business bills. The company says global fuel prices drove the increase. Banking: BOSVG reported a first-half net loss of EC$15.03 million, mainly due to a sharp rise in provisions for credit losses. The bank also warned that card, ATM and point-of-sale services will be unavailable for four hours early Friday during a system upgrade. Tourism and Trade: Visitor arrivals rose 13.2% in August, while Invest SVG is using the World Island Exhibition in South Korea to promote the country and showcase local producers to international buyers. Investment: The government plans a revised citizenship-by-investment programme with tighter due diligence and regional coordination. Meanwhile, a US$340.3 million US regional investment package includes funding for digital connectivity, health and security, though no specific allocation for SVG was announced. Community Development: A new EC$13 million Basic Needs Trust Fund programme is expected to benefit more than 700 Vincentians through improved roads and community infrastructure.

Energy Costs: VINLEC’s October fuel surcharge rose to 86.71 cents per kWh, up seven cents from September, despite a record EC$798,591 subsidy. Banking: BOSVG card, ATM and POS services are scheduled to be unavailable from midnight to 4 a.m. on October 23. The bank also reported a EC$15.03 million interim loss, driven by a sharp rise in credit-loss provisions. Regional Investment: St. Vincent and the Grenadines joined U.S.-Caribbean talks alongside a US$340.3 million regional investment package for connectivity, health and security. Tourism and Trade: Forty-four community college students are developing campaigns to promote SVG and support local causes. At the World Island Exhibition in South Korea, Invest SVG is showcasing local businesses to attract tourism, trade and investment. Infrastructure: A new BNTF/CDB programme is expected to benefit more than 700 Vincentians through improved roads and footpaths.