Antigua Seeks Structured Repayment of Outstanding US$60M CLICO Debt from Trinidad and Tobago

Antigua and Barbuda is seeking a structured repayment plan from Trinidad and Tobago for the outstanding US$60 million linked to the collapse of CLICO and BAICO, Prime Minister Gaston Browne has confirmed.

Browne told Trinidad’s CNC3 News that he held cordial discussions Tuesday evening with Prime Minister Kamla Persad-Bissessar in St Kitts, where the two leaders examined options for settling the remaining balance over time without straining Trinidad and Tobago’s cash flow. An initial US$40 million was paid during Persad-Bissessar’s first term in 2010.

The liability dates back to the 2008 failure of CLICO and BAICO, which sparked a regional financial crisis that hit OECS territories hard and left lingering obligations for more than a decade.

Browne said he left the meeting optimistic that Persad-Bissessar intends to complete the commitment, adding that he expects a determination in the coming weeks.

The engagement also reflects a thaw in relations after Browne last year pushed back against Persad-Bissessar’s description of CARICOM as an “unreliable partner.” He clarified that his earlier comments were directed at trade reliability, noting that Trinidad and Tobago remains a major supplier within the regional bloc and that CARICOM continues to hold commercial value for Port of Spain.

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