04 Feb Interview with Dr. Irving McIntyre, Minister for Finance, Economic Development, Climate Resilience and Social Security, Dominica
Your ministry is very diverse, covering finance, climate resilience, social security and has other divisions such as the central statistics office. Can we begin with an introduction to the ministry in your own words and tell us how you manage your time between the different competing demands you have?
My Ministry encompasses four key departments: finance, climate resilience, economic development and social security. Each area is a priority, and our well-structured organization ensures smooth operations. I am fortunate to have a competent, dedicated staff that provides strong technical support. Meritocracy is vital—we ensure the right people are in the right roles, which enhances the ministry’s efficiency and helps me effectively manage its broad scope.
This has also been a celebratory year with the Financial Services Unit (FSU) being awarded an award for the authority of the year 2024. How does this recognize the robustness of your ministry and the discipline and dedication of your staff? What are some of the key parts of legislation that make Dominica a safe and compliant nation with which to do business?
Receiving the prestigious Wealth and Finance International Award was a significant honor for us, reflecting our commitment to ethical practices. Integrity and professionalism are core to our organization, and we adhere to strict ethical standards internally and externally. We aligned with OECD and Financial Action Task Force standards, implementing anti-money laundering and counter-terrorism financing measures. Our enhanced regulatory framework, risk-based supervision methodologies and reformed financial laws—such as raising the transaction threshold to align with international standards—were key factors. Additionally, we established a robust governance structure with transparent and accountable policies to uphold these standards, ensuring excellence in the financial services sector. Our department’s success is built on a highly qualified staff—every team member holds a bachelor’s degree or higher in their field—and a strong emphasis on continuous professional development. Equally important is the unwavering support from the government of Dominica, ensuring we have the resources needed to excel. We worked closely with the Financial Services Unit (FSU) to engage stakeholders through constant interaction and collaboration, which greatly facilitated our efforts. Our commitment to excellence includes maintaining high service standards, fostering financial stability and ensuring sector growth. We proactively address challenges like money laundering and financial fraud through risk mitigation mechanisms and partnerships with international organizations to enhance cross-border regulatory cooperation. These measures positioned us to receive this distinguished award, which we take seriously as a means to attract investors and maintain credibility. Avoiding missteps that could lead to blacklisting is crucial, and we remain dedicated to strengthening this department.
The IMF projected 4.6% growth for 2024 which would represent a strong recovery from the pandemic, following 4.7% in 2023 and 5.6% in 2022. As we are at the end of the year, how do you assess the economic performance of your nation and how accurate do you believe the projection will turn out to be?
We are nearing pre-pandemic economic levels and focusing on sustaining a 4.5% growth target for the coming year by prioritizing key productive sectors. Supporting MSMEs is a priority, as entrepreneurship drives economic growth. We are also heavily investing in agriculture and tourism to boost these critical sectors. In tourism, we are enhancing accessibility with an international airport and upgrading our attractions. Projects include the world’s longest cable car to the second-largest boiling lake in the world, a new cruise village for mega cruise ships and a marina. Additionally, we are establishing the world’s first sperm whale reserve and enhancing Champagne Reef for snorkeling and diving. These investments aim to elevate tourism as a key driver of our economy. Agriculture is a key productive sector and we have made significant strides. Our Agriculture Science Complex Building in the north houses a tissue culture lab that can serve the entire Caribbean and a seed bank as well. These developments focus on resilience, addressing food security and economic growth. We invested $6 million in our abattoir to reduce food imports, particularly for poultry and meat, and allocated $18 million to our aid bank to provide concessional loans for MSMEs. Together with tourism and small businesses, agriculture remains central to our efforts to build a resilient and sustainable economy. Our geothermal agenda aims to deliver a plant by end of 2025, providing clean renewable energy at better tariffs and enhancing our appeal to investors. Alongside energy, we are investing in modern economic infrastructure across sectors like health, education, tourism and agriculture, all with resilience at the core. Financial resilience is also key, with the FSU strengthening our financial systems. Efforts to improve tax administration and broaden the tax base support our goal of sustaining 4.5% economic growth. By integrating technology, digital advancements and targeted investments, we are well-positioned to achieve and maintain this growth.
By 2030, Dominica hopes to be the world’s first climate resilient country with investments in food security, self-sufficiency, enhancing ecosystems and other measures. What are the key priorities in this goal – which are the low hanging fruits which can be remedied easily and which will take longer to solve? What strategies is the ministry deploying to modify consumer behavior?
In 2017, Hurricane Maria devastated Dominica, causing losses equivalent to 236% of our GDP and leaving the island in ruins. In response, our Prime Minister pledged at the United Nations to make Dominica the world’s first climate-resilient nation. To achieve this, we established the Climate Resilience Execution Agency of Dominica (CREAD), which developed two key documents: the Climate Resilience Recovery Plan (CRRP) and the National Resilience Development Strategy (NRDS). These plans provide the blueprint, focusing on six key result areas to guide us toward this ambitious goal. To achieve climate resilience, we focus on six key areas. The first area is strong communities as disaster preparedness is essential. In my village, for example, we organize to support vulnerable individuals, such as storing medications for diabetics and arranging transportation for amputees to shelters during disasters. Second, a robust economy, building a resilient national economy is critical. Third, durable infrastructure. We heavily invested in roads, schools, hospitals and health centers to create a well-planned, sustainable infrastructure. Fourth, collective consciousness, public involvement is crucial. The government alone cannot drive change; the public must be engaged and aligned with these efforts. Fifth, strengthened institutions. We have bolstered key systems like the FSU, climate resilience units and insurance mechanisms, including the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and parametric risk insurance for farmers. Additionally, we established a Vulnerability and Risk Resilience Fund, capitalized annually through our Citizenship by Investment (CBI) Program. Sixth, sustainability and natural asset protection. We leverage unique resources like geothermal energy and initiatives such as the upcoming sperm whale reserve. These six focus areas, guided by the CRRP and the NRDS, are our roadmap to becoming the world’s first climate-resilient nation. As a doctor, I see a critical issue often overlooked in developing countries: the burden of chronic non-communicable diseases (NCDs) such as diabetes, hypertension and cancer. These conditions are costly for governments and reduce productivity, particularly in small countries with limited resources. Social security systems also face challenges with increased claims, many of which are untaxed, further straining finances. Addressing this requires consumer cooperation. Simple steps like eating healthier and consuming locally grown foods can make a significant difference. Energy conservation is another area where we can improve, from managing household lighting to efficient water use. We have already implemented sustainable practices in our public health centers. Our Smart Health Centers incorporate rainwater harvesting, sensor taps for water conservation, energy-efficient lighting and proper ventilation. These centers are also designed to cater to vulnerable groups, ensuring resilience and sustainability in our healthcare infrastructure. We are engaging farmers, businesspeople, housewives, teachers and students to promote climate resilience. Everyone, as consumers of energy, food and services, plays a vital role in this agenda, especially as we work towards 2030. We begin with education—starting in schools and health centers—teaching sustainable practices and financial literacy. It’s crucial for individuals to prioritize their spending, not just earn wages, but manage finances wisely for personal and community growth. Behavioral science is key. By shaping consumer attitudes and behaviors from childhood, we can instill a culture of climate resilience and responsible financial practices, benefiting both individuals and society as a whole.
You are undertaking a pre-feasibility study for green ammonia production in Dominica. How will this enhance Dominica’s green credentials and, more generally, how can Dominica generate more of its energy from green sources instead of diesel generation?
We are seriously pursuing the green ammonia project, with the pre-feasibility study from io Consulting International and Kenesjay Green Limited (KGL). By March or April, we expect a positive indication to move forward. We are also exploring the Northern geothermal field, which shows potential for 300 MW of energy, enough for industrial-scale ammonia production and other green energy commodities. This will support the development of a green eco-industrial park in the northern region. The park will not only produce green hydrogen and ammonia, but also generate geothermal energy for shore power, allowing mega ships to switch to renewable energy instead of fossil fuels. This project is part of a broader vision for sustainable energy, storage and the production of various green commodities. With 300 MW of geothermal potential, the possibilities for heating, cooling and other uses are significant. We are excited about this project, partnering with GRG Energy, a U.S. and New Zealand company, and have completed all the necessary drilling preparations. This green eco-industrial park represents Dominica’s next big step. Beyond energy, it’s a responsible development initiative aimed at reducing our carbon footprint as a small island nation. We are committed to sustainable growth, showcasing to the world that we are serious about becoming the first climate-resilient country.
More generally, Dominica is recognized as one of the most climate vulnerable nations in the world. For the investors and development professionals who may be reading this interview, in what key investment areas would you welcome U.S. investors and what incentives can the government provide to facilitate investments more easily?
Dominica’s greatest asset is its people, often rated the friendliest in the world. Our natural resources, untouched and unspoiled, are another strength. The opportunities for investment in tourism and renewable energy are significant. For example, Ormat Technologies is building our geothermal plant as part of a public-private partnership. Tourism is a key investment area, especially with the development of our international airport, which will boost access to our remarkable natural beauty. In energy, we are building a transmission line from the geothermal plant to the distribution system, with resilience built in—both above and underground. Despite a $40 million loan for this and an additional $50-60 million for the geothermal plant, these investments are crucial for our sustainable future. Dominica is also advancing electric vehicle programs, creating strong potential for public-private partnerships. Agriculture, livestock and manufacturing hold significant opportunities, as does our financial sector. With a high standard of financial supervision, investors can feel confident in Dominica’s no-nonsense approach to finance. A few decades ago, Dominica faced challenges with foreign investment due to being on a blacklist, but we have since resolved those issues and restored our reputation. Dominica has a clean record with the Caribbean Financial Action Task Force (CFATF) and the OECD, having met all their requirements. It’s a stable and secure environment for investment, with strong political stability. We also offer numerous tax and business incentives for foreign investment, including reduced energy tariffs, which are crucial for businesses.
You have been an MP for five years and in your current post for two years, serving under a prime minister who has been in place for 20 years. As such an experienced pair of hands, what will 2025 look like for you and what will be your major goals and expected achievements?
My Prime Minister has mentored me for years and, after serving as Minister of Health, I am now the Minister for Finance. It has been challenging but rewarding, and we view every challenge as an opportunity. Dominica is building a modern economic infrastructure with a focus on financial sustainability and resilience. In health, our resilience extends beyond physical infrastructure to disease surveillance and management. For example, during COVID-19, Dominica was the only island capable of conducting PCR testing, thanks to our early investment in lab equipment. We were also the first in the Caribbean to receive vaccines, demonstrating our health resilience. We are building six schools, including a vocational and technical school to support our development projects, like the international airport, cable car, mariner, cruise village etc. This technical and vocational school will train electricians, carpenters, plumbers, masons and engineers. In energy, we are investing in geothermal and solar power for government buildings. In agriculture, our Agriculture Science Complex Building, with its tissue culture lab and seed bank, produces in excess of half a million plants annually which will be higher yielding and disease resistant. Our eco-industrial park will use geothermal power for green energy commodities and for shore power. Additionally, we are digitizing the economy and have set up digital hubs in villages, providing farmers, small businesses and students’ access to computers and online programs in order to improve efficiency Housing is a priority, with plans to build 5,000 resilient homes by 2030 and we have already passed the halfway mark. Homes built before the hurricane using resilient standards were not damaged during Hurricane Maria, proving that resilience leads to sustainability. By next year, we will have the first geothermal plant in the OECS, which is a significant achievement. Geothermal has a high initial capital cost to offset but we know the long-term benefits. Our CBI program helped significantly with funding the project. We are also excited about the world’s longest cable car, which will take tourists to the second-largest boiling lake in the world, and the completion of our marina in addition to upgrading our tourism sites will certainly boost our tourism product. Our international airport is 7% ahead of schedule and we expect it to be ready in three years. We are also in the early stages of setting up a cruise village, funded through our CBI program and completing major road projects by end of 2025. Our housing recovery program has already built in excess of 2500 resilient homes. There is a lot happening in Dominica—it’s the place to be.
What is your final message for readers of the Miami Herald and concluding thoughts about Dominica’s future?
Come to Dominica and see how a small island is using its natural resources, like geothermal energy, the sperm whale reserve and our stunning lakes, rivers and waterfalls, to drive development. Experience our friendly, welcoming people and see how seriously we take our climate resilience agenda. Dominica is leading the world in climate resilience and our Climate Resilience Execution Agency (CREAD) has been recognized globally. CREAD has now transitioned into the Climate Resilience Execution Unit (CREU) in my Ministry.
No Comments