ROSEAU, Commonwealth of Dominica – Prime Minister of Antigua and Barbuda, the Rt. Hon. Gaston Browne, has called for a transformative approach to regional development, urging the Eastern Caribbean Central Bank (ECCB) and Member Governments to embrace innovative financing mechanisms capable of doubling the size of Eastern Caribbean economies over the next seven years.
Addressing the Eastern Caribbean Central Bank Monetary Council Meeting in Dominica, Prime Minister Browne said the Eastern Caribbean Currency Union (ECCU) has reached a defining moment in its development and must now move beyond preserving economic stability towards accelerating sustainable growth, wealth creation and greater economic ownership for the people of the Region.
“The objective is not simply economic growth,” the Prime Minister stated. “It is to create wealth, expand ownership, strengthen entrepreneurship, increase investment and create lasting opportunities for our people.”
Prime Minister Browne strongly endorsed Governor Timothy Antoine’s vision of a regional “Big Push” strategy aimed at expanding the combined Gross Domestic Product of the Currency Union to approximately EC$50 billion.
He argued that achieving this ambitious target will require bold thinking and innovative financial instruments capable of mobilizing significant investment in productive sectors throughout the Eastern Caribbean.
To help catalyse this transformation, Prime Minister Browne proposed that the ECCB examine the prudent use of a small portion of its international reserves to support strategic investments in renewable energy, infrastructure and other productive sectors without compromising the integrity of the EC dollar or the Bank’s strong reserve backing.
“The Bank must assist in catalysing funding for the Big Push by developing creative and innovative credit and securities instruments,” he told the Council.
Prime Minister Browne noted that stronger domestic investment would reduce the Region’s dependence on imported goods and excessive reliance on foreign direct investment while strengthening long-term economic resilience.
The Prime Minister also welcomed the Monetary Council’s endorsement of the ECCB Strategic Plan 2026–2031, which places renewed emphasis on food and nutrition security, energy resilience, regional connectivity, trade, logistics, financial deepening and wealth creation.
Among the flagship initiatives to be discussed is the establishment ofOECS Air, a proposed regional airline that would improve connectivity among Member States, facilitate commerce, strengthen tourism and enhance investment throughout the Currency Union.
Prime Minister Browne observed that persistent flight delays, cancellations and the reduction of services by international carriers have made reliable regional transportation more critical than ever.
He explained that while the proposed airline would be collectively owned by OECS Governments, it would operate on commercial principles under private management to ensure efficiency, profitability and long-term sustainability.
The Monetary Council is also expected to approve the responsible use of dormant account balances held at the Central Bank to finance regional development initiatives.
Prime Minister Browne stressed that the decision will fully protect the rights of depositors, noting that lawful owners and beneficiaries will retain the right to reclaim their funds at any time, replacing the previous statutory limitation under which unclaimed funds could be permanently forfeited after thirty years.
Addressing the Region’s energy future, Prime Minister Browne highlighted significant progress achieved during his Chairmanship in advancing renewable energy projects through the Resilient Renewable Energy Infrastructure Investment Facility.
He disclosed that funding commitments of approximately US$200 million have already been secured with the support of international development partners, while discussions continue on expanding the programme to approximately US$300 million.
He explained that investments in renewable energy, geothermal development and regional ICT infrastructure will strengthen energy security, reduce electricity costs, improve regional competitiveness and significantly reduce the outflow of foreign exchange currently spent on imported fossil fuels.
The Prime Minister also commended the ECCB’s continued efforts to expand financial inclusion through initiatives such as the First Step Savings Account, the Credit Bureau and the proposed Office of Financial Conduct.
He encouraged Member States that have not yet enacted the necessary legislation to do so expeditiously to ensure that consumers throughout the Currency Union benefit from a more transparent, accessible and modern financial system.
Prime Minister Browne concluded that the Eastern Caribbean possesses both the institutional strength and financial stability necessary to transform its economies through bold leadership, regional collaboration and strategic investment.
“The time has come to build economies that create wealth for our own people while strengthening the long-term resilience of the Eastern Caribbean Currency Union,” he said.
This article was originally published by Antigua News Room. Read the original article here: Prime Minister Browne Champions Bold "Big Push" Agenda to Double the Size of Eastern Caribbean Economies.
