Regional bank committed to supporting tourism sector

Despite bleak forecasts for the tourist sector hard-hit by the Covid-19 pandemic, a regional bank is committed to the sector and “will continue to be active” in supporting the Caribbean tourism industry.

Speaking recently during a webinar entitled, “Covid-19 and Investment in Caribbean Infrastructure”, Adam Carter, Managing Director and Head, Investment Banking at CIBC FirstCaribbean said the hospitality and hotel industry accounted for “a large part of our portfolio and we will continue to be active in it”.

He said tourism was the “lifeblood of the Caribbean” and the bank would continue to focus on it, putting “time, effort and capital into the sector. That is not changing”. Mr. Carter said the bank has had “lots of requests for support and we are helping our clients through this storm”.

Mr. Carter said there was a need to improve some of the region’s tourism infrastructure and this could be achieved through Public/Private Partnerships. He added that the region must “do all to improve its marketability so that when borders do re- open we are one of the first destinations visitors will want to come to”.