Funding of second cruise pier by local entities is a sign of the strength of St. Kitts and Nevis’ economy
BASSETERRE, St. Kitts, May 13, 2019 (Press Unit in the Office of the Prime Minister) – The major investment by the four local entities that are jointly funding the construction of the USD$48 million second cruise pier at Port Zante truly signifies the strength of the economy of St. Kitts and Nevis, fostered under the Dr. the Honourable Timothy Harris-led Team Unity Government.
That sentiment was shared by several Ministers of Government when they visited the construction site on Friday, May 10.
“The important thing about this really, I believe, is that this is all local money and so it shows the confidence and the trust that the business community is placing in the Team Unity Government, and that’s phenomenal,” said Minister of Tourism, the Honourable Lindsay Grant.
The four local financial players involved are the St. Kitts-Nevis-Anguilla National Bank (SKNANB), which has committed US$34 million; the St. Kitts and Nevis Social Security Board which has pledged US$7 million; the St. Kitts and Nevis Sugar Industry Diversification Foundation (SIDF) with US$5 million and the St. Kitts and Nevis Trading and Development Company (TDC) which has committed another US$2 million.
Prime Minister and Minister of Finance, Dr. the Honourable Timothy Harris said this magnitude of investment speaks volume about the health of the economy and the confidence of private entities in the future prospects of St. Kitts and Nevis.
“This project then is well anchored financially and it means that all those significant entities, when they did their evaluation, came to a similar conclusion that this is a worthwhile investment, and it is worthwhile for the continuing sustainability of the economic health and prosperity of St. Kitts and Nevis,” Prime Minister Harris added.
The prime minister further noted that the build out of this major capital project is simply about the empowerment of the people of St. Kitts and Nevis.
“Institutions are being empowered and that is why they log on to the opportunity to become a partner in this project and ordinary persons – from the taxi man to the person who would want to provide catering and other support services – are going to benefit from and so the economy will have a boost,” Dr. Harris said.
Prime Minister Harris also used the occasion of Friday’s site visit to express his appreciation to his Cabinet colleagues, the Honourable Ian Patches Liburd and the Honourable Lindsay Grant, on “being a very good team working together with all the related service providers and interested parties to ensure that this day has come. So I commend them on behalf of every other member of the Cabinet and the Cabinet collectively for this history making development that is taking place.”
During their tour of construction site on Friday, the Government ministers were advised that roughly sixty percent of the construction work has been completed to date and all signs indicate that the September 2019 deadline will be met.