Durrant Pate/ Contributor

Tourism Minister, Edmund Bartlett is proposing the creation of a dedicated Caribbean Tourism Bank backed by the Inter-American Development Bank (IDB).

Minister Bartlett is urging the IDB to lead the establishment of such a regional financing institution designed to deliver tailored investment products for the tourism sector. Bartlett who just ended a recent visit to the IDB headquarters in the American Capital of Washington, D.C. argued that the Caribbean has long operated without a financing framework suited to tourism, which he described as “the world’s fastest and most immediately convertible economic activity.”

The proposal comes as Jamaica continues to advocate for a stronger regional financial architecture, with Minister Bartlett linking the initiative to broader efforts to build resilience in the tourism sector following Hurricane Melissa’s impact in 2025 and the industry’s subsequent recovery heading into 2026.

Regional tourism bank a necessity

Speaking during a luncheon held in his honour following discussions with members of the IDB Board of Directors, Bartlett remarked, “we think that the time has come for a regional financial institution dedicated to tourism in the Caribbean… a tourism bank where products can be crafted and developed that are responsive to tourism’s demands and supply.

Citing the IDB’s regional reach, capital strength, and development mandate as key advantages in establishing a specialised tourism financing mechanism, he told the IDB executives that such a regional tourism bank could help unlock private-sector investment, strengthen the region’s resilience to climate-related shocks, and expand sustainable growth opportunities across Caribbean economies.

He suggested that persistent hesitation around tourism investment in the region stems partly from outdated perceptions of the sector’s stability and value, citing the “psychological decolonisation” in how tourism is viewed and financed.

According to the Tourism Minister, “there is uncertainty. Some do not believe we are a stable enough industry – that we are too susceptible to disruptions….Some of this stems from the historic process… from a mindset that came from a different time… and some even from the confusion of service with servitude. So there is a degree of psychological decolonisation [and it] is necessary to divest ourselves of those remnants of the past.”

Urged greater recognition for tourism

He said such perceptions have limited the development of financial instruments that properly reflect tourism’s economic weight and long-term potential. Minister Bartlett advocated that tourism be recognised as a transformative economic driver rather than a peripheral service industry, citing its role in reshaping communities and improving infrastructure across the region.

“Unlike several other industries that come and go, leaving only remnants behind, tourism continues to give life and energy to communities and provide livelihoods for people,” Bartlett said, pointing to visible development in communities across Jamaica and the wider Caribbean, where tourism activity has helped drive improvements in roads, utilities, and economic opportunities.

He reaffirmed the Jamaican Government’s position that tourism-led growth must translate into tangible benefits for ordinary citizens, describing the sector as a key tool for inclusive development, saying, “tourism is a great vehicle to achieve that… with its wonderful catalytic properties.”