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CS Global Partners: Dominica's Commitment to Climate and Economic Resilience Paves the Way for Growth
[March 20, 2019]

CS Global Partners: Dominica's Commitment to Climate and Economic Resilience Paves the Way for Growth

A report recently published by the Caribbean Development Bank (CDB) details the fiscal performance of each of its member countries. The report, titled the 'Regional Economic Summary 2018', highlights some of the key developments from last year with a general outlook for 2019. After enduring 2017's Hurricane Maria, the Commonwealth of Dominica exceeded all expectations with positive economic growth last year. This is partly credited to the 33% growth in construction activity, closely linked to the island's world-leading Citizenship by Investment Programme.

Dominica's commitment to becoming the "world's first climate resilient nation", as pledged by Prime Minister Roosevelt Skerrit, is reflected in the various capital projects across the island. This includes three world-class hotels, an initiative to bring affordable and hurricane-proof homes to a large proportion of the ominican population, and the construction of a geothermal plant.

The report notes that "the Government of the Commonwealth of Dominica (GOCD) has recognised the need to make investments that build in resilience to natural hazards and climate change more broadly. In this regard, GOCD has embarked on several initiatives to build more resilient public and private infrastructure." All of these developments aim to reach high sustainability standards by having modern building techniques implemented during the construction phase. With several projects anticipated to conclude this year, Dominica's economic outlook for 2019 is expected to be a positive one - a forecast also echoed by the UN's latest ECLAC report.

Many of these infrastructural developments are made possible due to the success of Dominica's Citizenship by Investment Programme. The programme enables globally-minded and highly vetted individuals to acquire second citizenship through an economic contribution to a government-held fund, called the Economic Diversification Fund, or buying into pre-approved real estate, which includes ecotourism ventures. In return, investors and their families gain access to many benefits, such as visa-free travel to approximately 140 nations, increased business opportunities and the option to pass down their citizenship to future generations. Dominica has also been internationally recognised for offering the world's best citizenship programme by professionals at the Financial Times' (News - Alert) PWM, for a second year in a row.

CS Global Partners is the international legal advisory mandated by the Government to promote the Citizenship by Investment Programme worldwide.

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