The Chairman of the Caribbean Alternative Investment Association (CARAIA), Christopher Williams is calling more attention to be placed on increasing the local per capita income to drive growth. According to him, although there is an indication that the economy is growing, more needs to be done. He says dependence on reducing the debt to GDP ration cannot be the only tool to measure economic growth.
He was speaking at the launch of the Caribbean Alternative Investment association which is a not for profit organization aimed at promoting the expansion of private equity, venture capital, real estate, private capital and other alternative investment instruments.
The creation of the association was driven by a need to grow and develop markets with some level of support from Government sources and International Development Finance institutions.
The Chairman of CARAIA says Access to alternative finance is needed as the capital market is not growing as it should. Meanwhile, Chairman of the Development Bank of Jamaica, Paul B. Scott adds that the private market has sufficient funding to lend, in contributing to the country’s growth.
Through CARAIA, it is expected that changes will be effected. According to a recent release from the association, many Caribbean countries including Jamaica are in need of support to nurture and develop their private capital markets.
KHADIJAH THOMAS
