(ZIZ)– The first phase of the Kittitian Hill development: the Great House was officially opened last Thursday during a lavish ceremony.
However, in its earlier stages, the project experienced significant difficulty and as a result, the Sugar Industry Diversification Foundation (SIDF) bought a stake in the project to further ensure its successful implementation.
Chairperson of the SIDF, Dr. Hermia Morton-Anthony said it was because of their intervention, hundreds of Kittitians were able to be gainfully employed.
“The injection of capital was timely and necessary as the global economic recession was still having its impact on the St. Kitts-Nevis economy. It is important to point out that the intervention of SIDF helped ensure that the build out of the project continued. The continuation of the project meant that the employees, over 90 percent local, were able to maintain their jobs. Ladies and gentlemen, this is just one example of the impact of SIDF on the economy and the lives of our citizens,” she noted.
Dr. Morton-Anthony added that the SIDF will continue investing in projects that are geared towards economic development.
“Pleased with the manner in which the concept has evolved and grown, SIDF is proud to be associated with Kittitian Hill. We are excited about the economic and social benefits to be derived from having this world class resort in our country. SIDF will continue to play its part as a transformative agent, investing in projects and implementing programmes that support the national developmental strategy.”
The SIDF sold its shares in Kittitian Hill to Switzerland-based entrepreneur, Patrick Liotard for in excess of EC$50 million.