Over EC$800 million in development projects expected to stimulate local economy

BASSETERRE, ST. KITTS, MARCH 19TH 2013 (CUOPM) – Millions of dollars earmarked for several privately-financed development projects in St. Kitts are expected to stimulate the economy of the twin-island Federation.

Over the past few months, ground breaking ceremonies have been held and projects amounting to over EC$800 million have been announced.

Koi Resort

During his weekly radio programme “Ask the Prime Minister” on Tuesday, Prime Minister the Rt. Hon. Dr. Denzil L. Douglas said the most recent, the EC$87 million Ross University expansion in the West Farm area means “jobs, purchases, contracts, expenditures in other words, additional economic activity in the Federation.” Construction has begun following last Friday’s ground breaking ceremony.

“Then, of course you know about the EC$27 million Imperial Bay Golf and Beach Residences on which we broke ground just last week in the Half Moon Bay/Conaree area,” said Dr. Douglas.

He said that the social and economic benefits there certainly do not need to be spelt out saying that the injection of $27 million into an economy speaks for itself.

Dr. Douglas said that the Imperial Bay project is not only a very well thought-out and very impressive development that will serve as a further stimulus to the economy, but it is also the brainchild of one of the nation’s truly outstanding nationals, Mr. Faron Lawrence.

The first phase of the proposed US$76 million Golden Rock Commercial Park, next to the Robert L. Bradshaw International Airport, that will include a boutique hotel, supermarket, restaurant and bar, amphitheater and meeting rooms has begun.

The US$180 million Koi Resorts and Residences will soon break ground in the latter part of this year.

Construction of the multi-million dollar Kittitian Hill Resort and Golf Course continues at St. Kitts’ Belmont Estate.

In December, the Washington-based International Monetary Fund (IMF) said the Federal Government of Prime Minister the Rt. Hon is on the right track in placing the twin-island federation on a sustainable financial footing.

“The financial system has remained resilient, with adequate capitalization and continued deposit growth. Continued monitoring of the financial sector will be needed, in close collaboration with the ECCB, including in the context of addressing the impact of the restructuring of public debt on banks’ NPLs, liquidity, and profitability,” said the IMF in its statement at the end of November following the Fourth Review under the Stand-by arrangement.

The IMF is also projecting a near two percent economic growth for 2013.