PM Douglas reiterates confidence of international institutions in the economy of St. Kitts and Nevis

St. Kitts and Nevis’ Prime Minister the Rt. Hon. Dr. Denzil Douglas (right) and major developer of Imperial Bay St. Kitts Golf & Beach Residences, Dr. Sirous Montvassal break ground as co-developer Mr. Faron Lawrence looks on.

BASSETERRE, ST. KITTS, MARCH 12TH 2013 (CUOPM) – St. Kitts and Nevis’ Prime Minister the Rt. Hon. Dr. Denzil L. Douglas says the ground breaking for the US$10 million 86 one-bedroom Imperial Bay St. Kitts Golf and Beach Residences, reaffirms confidence in the St. Kitts and Nevis economy.

The International Monetary Fund (IMF) recently reported that the economy of St. Kitts and Nevis continues to improve with the twin-island nation expected to have comfortably met the 2012 programme target in respect of reducing the fiscal deficit and could register a surplus of nearly two percent in 2013.

Delivering remarks at the Half Moon Bay ceremony, Dr. Douglas also pointed to the proposed US$76 million Golden Rock Commercial Park, next to the Robert L. Bradshaw International Airport and the soon to be constructed 298-unit Koi Resort and Residences at ‘ Half Moon Bay.

“It was just a few weeks ago that we was standing on the opposite side of this hill, to bring to the public’s attention yet another multi-million dollar investment initiated, as in this case, by locally born entrepreneurs. At that time we were involved in the launching ceremony of the Golden Rock Commercial Park. That is not what we are here however to discuss today, but instead we want to bring the symmetry that I find so interesting and so I could not help commenting on the fact that here, as there, we have multi-million dollar projects moving forward They are both being led by our own sons of the soil by astute and experienced businessmen who are adept at risk-management and who know that St. Kitts and Nevis is a great place to invest and that the vision and expertise at the helm of this nation is sound and strong and that great things are happening – and will continue to happen – here in our Federation of St. Kitts and Nevis,” Dr. Douglas told invited guests including Minister of Tourism, Sen. the Hon. Richard “Ricky” Skerritt.

He noted also that it was just a few weeks ago he walked the beaches of what will become the Koi Resort and Development.

“Who knows, in other words, what the representatives from the World Bank and other international financial institutions, who were gathered here for the recent Caribbean Growth Forum, stated very clearly to all assembled, namely, that even in this time of global tumult and uncertainty, international business confidence in St. Kitts and Nevis remain exceptionally strong,” said Prime Minister Douglas, who applauded the local investors and developers in particular and the business community in general for the continuing business development.

St. Kitts and Nevis’ Prime Minister the Rt. Hon. Dr. Denzil Douglas (right) congratulates major developer of Imperial Bay St. Kitts Golf & Beach Residences, Dr. Sirous Montvassal after the ground breaking.St. Kitts and Nevis’ Prime Minister the Rt. Hon. Dr. Denzil Douglas (right) congratulates co-developer Mr. Faron Lawrence (center) of St. Kitts Golf & Beach Residences, as major developer, Dr. Sirous Montvassal (left) looks on.

He pointed out that the principle development partners of Imperial Bay St. Kitts Beach and Golf Residence Ltd, led mainly and represented by Dr. Sirous Montevassel, whom he had the opportunity and the privilege of meeting for the first time in the United Arab Emirates five years ago.

“He was encouraged to become a citizen of our country and he did make a primary investment, but later on again, I encouraged him and his partners to do a secondary investment here in our country and in fact we are so very pleased that today we are having the ground breaking ceremony of a project that I was involved in launching just in December of Last year in Abu Dhabi,” said Dr. Douglas.

The St. Kitts and Nevis leader also commended Nevisian-born Mr. Faron T. Lawrence, who is going to be mainly managing and operating the project.

“He has built a sterling reputation for himself in the fields of business and finance, and we are very pleased that he has chosen to apply those skills right here in St. Kitts and Nevis; both for this own well-deserved benefit, as well as for the benefit of the countless individuals who will enhance their revenue streams as workers, contractors, sub-contractors, service providers and so on, during the construction phase of this particular project. Beneficiaries further into the future, of course, will be those goods and service providers whose business interests will be advanced and enhanced by the mere existence of Imperial Bay for years – and indeed, for decades – to come,” said Dr. Douglas.

He said St. Kitts and Nevis has watched Mr. Lawrence with interest as he has conceived and developed one real estate project after another over years, “each one yet another tribute to your outstanding insights and capabilities in the worlds of business and finance.”

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