NASSAU, Bahamas, January 8, 2023 — The Hon. Philip “Brave” Davis, Prime Minister of The Bahamas, the incoming Chairman of the Caribbean Community (CARICOM), points out that increased cooperation is needed between CARICOM countries to solve some of the region’s vexing economic problems, and Bahamian Securities Exchange ArawakX claims it has already begun to play an important role in this ecosystem and is willing and able to advance the CARICOM agenda.
Making this declaration in a press release on Sunday, January 8, D’Arcy Rahming Sr., Chairman and CEO of ArawakX, said: “We answered the call made back in May 2020 for a regional exchange, which was a key recommendation from Caribbean private sector representative Dr Patrick Antoine during a webinar organised by the Food and Agricultural Organisation (FAO). An exchange is a tool for economic expansion as it lowers the cost of capital and drives innovation. We are proud to say we are already accomplishing this across the region.”
Rahming added, “In only 16 months, with our crowdfunding product we have been able to raise $2.4 million for four issuers who have already expanded, adding tens of new jobs. There are hundreds of companies in the pipeline, with the potential to hire thousands. One of our Bahamian clients has already expanded into another CARICOM country. We are in talks through the IDB and with Eastern Caribbean Regulators who have invited us to share what we have learned in our crowdfunding initiative since it is the only successful one in over 40 million inhabitants of CARICOM.”
Rahming said there are other initiatives ArawakX “will be pursuing, ranging from countries being able to list international $US denominated Bonds to a solution for Haiti.”
“The fact is that when international bonds are traded, there are only a few major Banks and Brokers determining the price,” Rahming said. “I believe that better prices are possible through a regional exchange. This will lower the cost of borrowing and allow a lower investment threshold for retail investors, while saving local governments hundreds of millions of dollars.”
Rahming added, “We have presented unofficially to some high-ranking members of the UN on the solution to Haiti, and they are in the midst of evaluating our proposals. CARICOM has many possible innovative initiatives that deserve more than just lip service. The solution involves rebuilding Haiti using its diaspora and through businesses listed on ArawakX.”
Rahming noted that they they “have also begun to talk with a national leader of another CARICOM country who recognizes the enormity of our initiatives, to expand the local economies and deliver economic development felt by average citizens.”
“We will reveal more of these initiatives in the coming months and look forward to working with the governments of the region while deepening our ties to the United States,” Rahming said. “When I was in Business School studying finance and economics, I had the opportunity to work with and help build the modern Chicago Mercantile Exchange. I saw the power of an exchange to increase the size of the US economy. I also kept the personal networks that can help CARICOM do the same thing here. It is undeniable that American-style Capital Markets work to provide real world economic growth. We are very happy to be providing an opportunity for our CARICOM customers to finally have access to the ArawakX Platform, which will enable them to grow their investment portfolios, businesses and economies.”
