Prime Minister Gaston Browne has proposed that the Eastern Caribbean Central Bank (ECCB) redirect a small portion of its foreign reserves toward financing strategic development projects across the Eastern Caribbean Currency Union. According to Antigua News Room, Browne argued the move could bolster regional economies while preserving the stability of the EC dollar.
Browne made the proposal while addressing the 113th Meeting of the ECCB Monetary Council in Dominica on Thursday. He suggested that between five and eight percent of the Bank's reserves could be channelled through innovative financing instruments into renewable energy and other critical sectors.
"The Bank must… assist in catalyzing funding for the Big Push to strengthen regional economies, by developing creative and innovative credit and securities instruments, utilizing a small portion (possibly 5-8 percent) of its reserves," Browne said.
He contended that stronger OECS economies, less reliant on foreign direct investment and imports, would ultimately reinforce the Central Bank's own reserve position. The Prime Minister added that the ECCB could support long-term economic sustainability by demonstrating greater confidence in member states and providing catalytic financing for projects that improve energy resilience and productivity — all while maintaining the required backing ratio for the EC dollar. He indicated the proposal would be treated as a strategic priority for discussion among Monetary Council members during the meeting.
Browne tied the proposal to the ECCB's "Big Push" initiative, which aims to double the size of the Eastern Caribbean economy and grow regional gross domestic product to approximately EC$50 billion over the next seven years. He described the initiative as a wealth-creation strategy intended to expand entrepreneurship, investment, ownership and employment opportunities across the Currency Union.
The Prime Minister also highlighted progress in financing renewable energy projects through the Resilient Renewable Energy Infrastructure Investment Facility, noting that approximately US$200 million has already been secured from development partners. He expressed confidence that the Central Bank would contribute additional financing to bring the facility to US$300 million.
Browne said expanding renewable energy infrastructure would reduce the region's dependence on imported petroleum products, lower foreign exchange outflows and strengthen long-term energy security. He also disclosed ongoing discussions with the European Union on developing geothermal energy projects and a shared subsea telecommunications network aimed at delivering more affordable broadband services throughout the OECS.
