Caribbean round-up: Antigua backs CIBC deal, Barbados offers deepwater oil blocks

Antigua and Barbuda

The Antigua and Barbuda government will support the proposed acquisition of CIBC Caribbean by Butterfield Bank while pushing for local participation. Prime Minister Gaston Browne said ACB Caribbean had expressed interest in being part of the ownership.

Butterfield has agreed to acquire CIBC Caribbean in a US$1.794 billion deal expected to complete in the first half of 2027. Mr Browne described it as more of a merger than a sale, meaning local banks are not owed first right of refusal, but said “we’re still looking for the carve-out.” He said he had been assured there would be no local job losses.

Barbados

Barbados has launched an offshore licensing drive, offering 19 ultra-deepwater blocks to international energy companies with a three-month proposal window and stronger environmental and climate standards.

Energy minister Kerrie Symmonds said the number of blocks had been cut from 22 in 2022, with the rest held back “for the development of the country’s own energy company.” Natural resources director Jamar White said: “We potentially have upwards of 13 billion barrels of oil in place, potentially 40-plus trillion cubic feet of natural gas.” Environmental impact assessments will be required before any exploration.

Caribbean Development Bank

Daniel Best, president of the Caribbean Development Bank (CDB), called for a stronger, greener, more resilient and inclusive Caribbean at the bank’s 56th annual meeting, held amid geopolitical tensions, climate change and declining development finance. “The impacts of climate change are now more pronounced than ever before,” he said. Since 2025 the CDB has approved and disbursed more than US$400 million across the region.

Cuba

Nearly three million Cubans face daily water shortages as a fuel crisis leaves the water system at 37 per cent of required capacity, with authorities blaming a US energy blockade. Intermittent supply affects nearly 10 million people. Water authority head Antonio Rodríguez said annual procurement had fallen from about US$100 million to about US$10 million because of suspended credit. Cuba produces only about 40 per cent of the fuel it needs.

Guyana

President Irfaan Ali told a Local Content Summit that local content policies would be extended beyond oil and gas. He announced a Junior Stock Exchange, legislation for a Guyana Development Bank to support small businesses, and a Diaspora Bond with fixed returns to fund infrastructure. “We are entering into an exciting period of the transformation,” he said.