Island nations to boost funding access

Antigua and Barbuda Prime Minister Gaston Browne is leading a campaign for the United Nations to adopt a metric that measures economic fragility, which would potentially open the door to new funding. — Bloomberg

SAINT JOHN’S: A group of wealthy Caribbean nations is trying to shake up global finance in a way that would cut dependence on China and boost their access to funding.

Antigua and Barbuda Prime Minister Gaston Browne is leading a campaign for the United Nations to adopt a metric that measures economic fragility, which would potentially open the door to new funding.

Countries like Antigua and Barbuda are often too small to tap global bond markets but too rich to qualify for much international aid, so they have long turned to China to finance critical infrastructure.

Barbados, Jamaica and the Bahamas are among the nations backing the change, which is also being supported by Norway’s former Prime Minister Erna Solberg. — Bloomberg