China boosts Caribbean economies with $1 billion in loans
Chinese officials met with Caribbean authorities last Monday in order to discuss the valuable offer of $1 billion in loans. China intends to help Caribbean economy by pitching new projects and investments that will also boost the Caribbean holidays market
Chinese tourism officials met with Caribbean authorities last Monday in Port of Spain, capital of Trinidad and Tobago. During the meeting, China announced it would provide Caribbean countries with $1 billion in loans to finance new infrastructure projects, making business ties between China and the Caribbean considerably stronger.
Wang Qishan, China’s Vice Premier, told Chinese and Caribbean officials in Port of Spain, that loans would become available through the sate-run China Development Bank. “China cannot develop itself in isolation of the world and the world needs China for its development,” he stated. One of the main sources of financial income for Caribbean countries is the tourism sector. These projects will help sustain and recover their economies as Caribbean holidays become less popular due to their increasingly higher costs.
The U.S. and Europe, both traditional sources of tourists and investments to these countries, have now reduced their usually high number of visitors and investors due to the global financial crisis. Meanwhile, China seizes the opportunity to carry out a business scheme, planned in Beijing. By providing these loans and investments, China seeks natural resources and political influence in the developing world, from Africa to Latin America.
Even though the amount of loans and investments made by China in the Caribbean are still significantly smaller than their multibillion-dollar investments in places like Africa, it could go a long way in helping the region’s fragile economy at the present time and give a much-needed boost to Caribbean holidays. Wang says that trade between China and the Caribbean had grown annually by 24%, reaching $7.2 billion in 2010. The terms of the loans were discussed in the two-day-long reunion that began last Monday in Port of Spain.
China is also taking an active interest in countries like the Dominican Republic, Jamaica and Cuba. As for the first, China is planning to invest over $400 million to restart a stalled beachfront resort project, which will attract more tourists to Dominican Republic holidays.
In Jamaica’s case, China has already invested more than $1 billion in one of the most important ports, a conference centre, highway projects and a cricket stadium. Jamaica’s Tourism Minister, Edmund Bartlett admits China’s growing bonds with the Caribbean by stating that “China has become an important source of foreign direct investment for us.”
Cuba is, and has been for a considerable amount of time, China’s main training partner in the Caribbean. Orlando Hernandez Guillen, Vice Minister of Trade and Investment of Cuba, stated his satisfaction with the recent meeting. “China represents hope for the poorest nations of the world and its impressive development springs from its own resources... not exploiting or pillaging other nations” he explained.
Chinese influence and involvement in Cuba is more noticeable by the day, not only do the Chinese invest in resort projects to aid the Cuban tourism sector, and heighten the income Cuba holidays provide to the country’s fragile economy, but they also supply Cuba with Chinese-made goods that go from buses to every-day household items.
A unit of China National Petroleum Corporation is participating in a $6 billion project to enlarge and improve an oil refinery in the Cuban city of Cienfuegos. The plan includes the construction of a liquefied natural gas terminal. China also benefits from these exchanges with Cuba; they buy nickel, sugar and other Cuban products and they produce pharmaceuticals together.
Talk to a specialist
Call 020 7644 1770 to speak with our award-winning travel consultants.
Opening hours 10:30 - 17:30 GMT
Popular Holidays In Caribbean and Costa Rica Browse all
Enjoy the exciting nightlife the Melia Marina Varadero Hotel has to offer, whilst relaxing during the day in the beautiful accommodation
- Virgin Atlantic Sale, huge reductions sale ends 10th Jul 2017
- Melia Marina Varadero Hotel is ideally located 300m from the beach in an ecological reserve with a dolphinarium and caves to explore
- Incredible all-inclusive benefits with dining at 9 restaurants at Melia Marina Varadero Hotel
- Excellent watersports facilities including yachting, fishing and diving
- Book now and get a free upgrade to the sea view at Melia Habana - limited availability
Stay close to all the action in a fabulous resort that's part of a beautiful ecological reserve and sits right next to Xcaret, Cancun's number one theme park.
- This resort is a fantastic choice for an exciting family holiday that you will never forget,why not make it extra special by upgrading to visit the amazing Xcaret Park
- Limitless all-inclusive fun and thrills for everyone in a beautiful eco-reserve facing a glorious beach
- Enjoy access to 11 Restaurants and 10 Bars catering to every taste and occasion & access to 5 glorious Swimming Pools
Stay at a Havana hotel brimming with history then head off to a brand-new beachfront resort in Varadero
Relish the timeless charms of Cuba from the comfort of Cuba’s most cutting edge hotels
- Stay at two of Cuba’s most cutting edge hotels, bursting with modern comforts
- Relish an all-inclusive beach retreat, boasting an overabundance of facilities
- Explore Havana’s charismatic, timeless and bustling streets
Use up to $2000 resort credit to indulge in spa treatments, golf sessions or a selection of excursions that will make your Cancun holiday truly unforgettable.
- Duran Duran in concert at Moon Palace on 29th December (tickets additional cost)
- Winner of the Trip Advisor 2015 Travellers Choice Award
- Enjoy the impressive $2000 Resort Credit per booking that you can spend on golf, spa treatments, dolphin swims, visit to Chichen Itza, Express Tour of Tulum, Family fun days out at the Wet 'N' Wild Waterpark and much more
- Whether you are looking for an active holiday or a relaxing break, Moon Palace Resort is an ideal destination for travellers of all ages
Varadero is a showpiece of Cuba's natural beauty; stunning white beaches, turquoise waters and clusters of lofty palm...
If you're searching for the perfect combination of beach fun and natural discovery, look no further. Home to ancient...
Get the best of Havana and Varadero with this fabulous combination of city and beach in two of Cuba's finest hotels, the...
This 1920s colonial house is surrounded by lush vegetation and terrace areas and boasts a stunning array of antiques,...
Escape to the pristine beaches of the south coast of Barbados for a holiday you will never forget. This is the perfect...
St Lawrence Gap is famous for its many restaurants, great shopping and lively nightlife. This 1.3 km stretch of road,...