Premier and Minister of Finance of the Virgin Islands, Dr the Honourable Natalio D. Wheatley (R7), on March 15, 2025—officially launched the United Nations (UN) Eastern Caribbean Overseas Territories Roadmap for Improving Access to Development Finance. Photo: Facebook

UN Resident Coordinator for Barbados and the Eastern Caribbean, His Excellency Mr Simon Springett, underscored the UN’s commitment to supporting the Eastern Caribbean Territories in overcoming financial barriers. Photo: Facebook

Devastation of Hurricane Irma in 2017. The Virgin Islands is one of several vulnerable island states classified as middle- and high-income and therefore remain ineligible for development and climate finance that would give them access to concessional financing and grants needed to build resilience. Photo: VINO/File

The initiative, developed in partnership with the UN), seeks to address the financial limitations of small island developing states (SIDS) in the Eastern Caribbean by unlocking critical development and climate finance opportunities.

The VI is one of several vulnerable island states classified as middle- and high-income and therefore remain ineligible for development and climate finance that would give them access to concessional financing and grants needed to build resilience.

This was particularly hard-hitting when the Virgin Islands was devasted by hurricanes Irma and Maria in September 2017.

Addressing the gathering—physically and virtually—Premier Wheatley was adamant, “This roadmap reflects the firm commitment of the UN system to the Eastern Caribbean Territories and the strong partnership between the UN and the government of the British Virgin Islands; It provides a strategic map for improving engagement between our governments and international financial institutions, strengthening our capacity to mobilise and manage resources, and deepening regional partnerships to unlock development financing opportunities.”

Equitable Financial Access

He used the marquee occasion to also lament the long-standing struggle of Overseas Territories like the VI, Anguilla, and Montserrat in securing development financing due to outdated financial eligibility criteria.
With this in mind, he reiterated that the Gross National Income (GNI) of any jurisdiction should not be the sole determinant of access to international funding, as it does not account for the inherent vulnerabilities of these small economies.

“As small island developing states, we face severe financial constraints and a high susceptibility to external shocks—climate change, economic disruptions, and natural disasters—yet our ability to access development finance remains severely restricted.”

The roadmap, as presently structured, according to Premier Wheatley, stands on three-pillar principally —advocacy, technical assistance, and regional collaboration—to enhance access to finance.

According to Premier Wheatley, advocacy will be a critical component, with efforts focused on engaging global financial institutions and donor agencies to make the case for greater financial inclusivity.

International & Regional Partnerships Key to Implementation

UN Resident Coordinator for Barbados and the Eastern Caribbean, His Excellency Mr Simon Springett, echoed the Premier’s sentiments, underscoring the UN’s commitment to supporting the Eastern Caribbean Territories in overcoming financial barriers.

“We are here to ensure that small island developing states receive the tailored financial solutions they need. This roadmap is a testament to the power of collaboration between the UN system, regional governments, and international partners,” Mr Springett remarked.

The roadmap builds on the Policy Dialogue on Development Finance held in April 2024, where 14 UN agencies, regional and international partners, and representatives from Anguilla, Montserrat, and the VI convened to explore solutions to financial constraints.

“The Eastern Caribbean Overseas Territories Working Group on Financing for Development, co-chaired by the Virgin Islands and the UN Resident Coordinator’s Office, has been instrumental in advancing this process,” noted Moderator for the event, Permanent Secretary in the Ministry for Tourism, Culture and Sustainable Development, Mr Joseph Smith-Abbott.
Upcoming Advocacy on the Global Stage

Meanwhile, Premier Wheatley also disclosed plans to present the roadmap at key international forums in the coming months, telling stakeholders, “We will share the roadmap at the Eighth Meeting of the Forum of the Countries of Latin America and the Caribbean on Sustainable Development at UN ECLAC next month.

Additionally, he said, “We are working to organise a side event at the UN’s Fourth International Conference on Financing for Development in Spain this June.”

With this in mind he disclosed, “As we move forward, let us stand together as a unified voice, we will advocate, as Eastern Caribbean Overseas Territories and UN partners, for inclusion in global financing mechanisms, push for tailored financial solutions for small island developing states, and foster collaborations that make our economies more resilient.”