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 09:00 - 20:00 GMT
Popular Holidays In Caribbean and Costa Rica Browse all
A couples' special - enjoy the perfect mix of history, local culture and laidback beach retreat for the perfect romantic Cuban experience.
- Enjoy all kind of the Spa treatments, water and land sports at Blau Varadero
- Fantastic views to the ocean from the modern and elegant rooms with balcony or terrace
- The perfect location of Blau Varadero beside the pristine sandy beach
Ideal for trendy couples - stay at a chic and sleek hotel in the heart of vibrant Havana and then Stay next to Cuba's famous Varadero beach
- Blau Varadero offers something for everyone with as little or as much as you want to do on offer including a spa
- Exclusive Couples offer - Welcome Cocktail, 1 hour free Wifi Access in Havana plus a bottle of wine on arrival, 30-minute massage and a Romantic Dinner in Varadero
- Be swept away by the amazing views of Havana from Capri's rooftop pool
Discover the relaxing Varadero and sink into sublim tranquillity
- Experience the beauty of Varadero Beach where you can relax and unwind on the tranquil white sandy beaches whilst enjoying the 24-hrs All-inclusive offered at the Luxurious Iberostar Varadero
- Stay in Havana's most highly rated hotel, with an iconic location facing Central Park
- Discover Cuba whilst staying at the 2 Top rated TripAdvisor hotels in Cuba
Combine colourful and vibrant Havana with a relaxing beach holiday in an award winning resort on the shores of Varadero
- Book early and benifit from huge early bird summer discounts!
- Discover Havana by day visit the historial sites and by night you can listen to live music or dance to the Salsa beat
- Enjoy complimentary pool-based dive courses on offer for beginners and experience one free daily dive at the Royalton Hicacos
- Three freshwater pools including four whirlpools and signature swim-up pool bar at Royalton Hicacos ensure an unforgettable holiday
Combine exploring the old dimes of Havana with a refreshing beach retreat in Vardero on an unforgettable twin centre...
If you want to really feel Cuba's beating heart and pulsating rhythms, this is one of the best for an unforgettable...
Discover the cultural and historical treasures of Havana as you're treated to 5-star service at the Iberostar Parque...
Create unforgettable memories at the heart of Barbados' western coast at a collection of one bedroom apartments. Halcyon...
An intimate collection of One Bedroom Apartments located in the heart of the West Coast of Barbados. Travellers Palm...
Beautifully perched on the panoramic Mensura Hill, surrounded by striking greenery, this blessed and secluded natural...