PricewaterhouseCoopers Gives Dominica the Thumbs-Up for Efficient Use of CBI Funds
PricewaterhouseCoopers (PwC), one of the world’s largest multinational professional services firms, has commended Dominica for the efficient use of the Citizenship by Investment (CBI) funds for national development and economic restoration.
In a report commissioned by CS Global Partners Ltd, an international legal consultancy firm, PwC provided a fiscal review on the utilization of CBI funds between 2014 and 2019 and gave projections on how it could set Dominica on the path of total economic recovery following Hurricanes Erika and Maria.
PwC revealed that EC$582.6 million of CBI funds has been used to rebuild damaged roads, bridges, schools, and construct three hospitals and six health centres as well as hurricane-resilient homes, ecolodges and five hotels among others since September 2017 when Hurricane Maria hit.
The global professional services company also stated that the CBI programme has equally facilitated the “creating over 1,000 jobs during construction phases, providing direct employment for approximately 900 hospitality workers, and supporting the livelihoods of those connected with tourism across the island, such as farmers, fishermen, taxi drivers, and tour operators.”
Still talking of hotels and tourism, PwC projected that the hospitality industry is capable of generating between EC$90 million and EC$140 million annually for the country. To this extent, it is estimated that cash revenue of between EC$20 million and EC$40 million can be generated for fiscal use in Dominica each year on the CBI platform. Furthermore, the country’s GDP can rise by about EC$150 million and tax receipts by as much as EC$30 million on a long-term economic basis.
According to PwC, Dominica’s CBI initiative has facilitated the country’s resilience in the face of several natural disasters, and also capable of remaining “a significant driver of sustainability” for many decades to come. The funding programme may also be instrumental in assisting the country to become the first country in the world to achieve a complete climate-resilient, service-based economy.
PwC visited Dominica in July on a collaboration with CS Global Partners and the Dominican government to carry out their analysis of the CBI programme impacts. CS Global Partners helps Caribbean countries such as Dominica, St. Lucia, St. Kitts and Nevis to promote their CBI programmes.
This article is copyright © 2019 DOM767
