BASSETERRE, St. Kitts, CMC—The St. Kitts-Nevis government says it will establish a Sovereign Wealth Fund (SWF) to ensure that national revenues, particularly from the Citizenship by Investment (CBI) Programme and future renewable energy ventures, are protected, prudently managed, and invested for long-term national prosperity.
Under the CBI, foreign investors are granted citizenship of the Twin Island Federation in return for significantly contributing to the country’s socioeconomic development.
Prime Minister Dr. Terrance Drew, speaking during the monthly media engagement, said that his administration had received the official framework for the SWF, setting the stage for legislation to be passed in Parliament soon.
“The days of reckless spending and financial mismanagement are over. This Sovereign Wealth Fund will ensure that our national resources are safeguarded for future generations, ending the unchecked depletion of public funds,” he told reporters.
The government said the fund will be designed to operate under strict international best practices to guarantee transparency, accountability, and high returns. It will protect the country’s finances from economic shocks, ensuring that essential public services, infrastructure development, and social programs remain well-funded even in uncertain times.
Prime Minister Drew spoke of past financial mismanagement, noting that the Sugar Industry Diversification Foundation (SIDF) spent hundreds of millions of dollars (one EC dollar = 0.37 cents) without proper oversight.
“Had we established a Sovereign Wealth Fund earlier, the $303 million that disappeared from the SIDF could have generated interest today, benefiting all Kittitians and Nevisians,” he said.
Prime Minister Drew said that financial experts would independently monitor and manage the SWF, ensuring that its revenues are strategically invested to maximize long-term national benefits.
“This is about responsible governance, fiscal discipline, and securing the future of St. Kitts and Nevis. We are ensuring that the wealth of this nation is used wisely and remains a lasting legacy for generations to come.”
He said the government will soon release further details regarding the SWF’s structure, oversight mechanisms, and initial capital ahead of the parliamentary process.
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