The Deputy Managing Director of the International Monetary Fund (IMF), Tao Zhang, paid his first visit to the Commonwealth of Dominica last month. Mr Zhang met with the Prime Minister of Dominica, Roosevelt Skerrit, and discussed several matters of importance to both parties. In a statement issued after the meeting, Mr Zhang reiterated IMF's commitment to supporting Dominica's efforts in climate resilience and economic development.
IMF's Deputy Managing Director also visited several "resilience-building projects" and expressed his admiration for Dominicans "steely resolve in making a rapid recovery" following Hurricane Maria's landfall in 2017. Hundreds of families that had been dislocated as a consequence are said to be moving into newly built, hurricane-proof homes this year, as part of Dominica's Housing Revolution. The latter is an ambitious programme introduced by Prime Minister Skerrit in response to the crisis and is funded entirely by the island's world-leading Citizenship by Investment (CBI) Programme.
Another climate resilient initiative in Dominica is a 7-megawatt geothermal power plant that would supply nearly the entire population with clean energy. The 18-month construction plan will begin towards the end of this year and secured financial backing from several reputable sources, such as the European Union's Caribbean Investment Facility, the World Bank, the governments of the United Kingdom, New Zealand and Sindh, as well as Dominica's own CBI Programme.
"In our conversation, we agreed on the importance of strengthening resilience to climate change and natural disasters by placing a greater focus on preparedness and adaptation efforts," said Mr Zhang. With regards to the CBI Programme, the Deputy Managing Director of the IMF commented that "there are now several projects in Dominica in the tourism sector, some at an advanced stage that will generate income and jobs in the economy because of CBI." While some may raise concerns about misuse of citizenship programmes in general, Mr Zhang stated that "the government of Dominica has been cooperative, responding in a timely fashion to recommendations that help address possible loopholes in international taxation."
Investors who wish to contribute to Dominica's Economic Diversification Fund under the CBI Programme can find more details on the government website.
CS Global Partners is the international legal advisory mandated by the Government to promote their Citizenship by Investment Programme worldwide.
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