Antigua and Barbuda: An investment of $30 million USD is all set to kickstart the Callaloo Cay Project in Antigua and Barbuda, as part of diversification of economy. The first phase of the development will take place with the investment of US$60 million, announced by Prime Minister Gaston Browne.
An investment of US$60M will consist of $30USD million as an initial investment and another US$30 million will be invested in the ownership of the land for the facility.
The project is aimed at providing boost to the economy of Antigua and Barbuda with the development initiative poised to inject substantial investment. Prime Minister Gaston Browne announced the project and termed it a CIP approved project.
He added, ”So, this is type of investment opportunity that we’re creating for people and again we also reducing the risk, the government would have as much as 60 million USD in equity and it is actually reducing the risk.”
Prime Minister Browne further noted that the person who will invest in the real estate, but as the matter of the fact, they will not invest in shares in a company that owns all the real estate, those who may want to invest and these will have to be large investment, it will be a great opportunity.”
The project is considered as an essential investment opportunity for the tourism sector and economic landscape. It will build a new facility for the diversification of the financial sector with new opportunities for investors as well as the local community.
The local community from across Antigua and Barbuda will get new opportunities of new employment and other jobs. The construction workers will get work at the different phases of the development of Callaloo Cay Project, providing boost to their financial status.
The project will also enhance the tourism sector as Prime Minister Gaston Browne added that this will enhance the tourism offerings of Antigua and Barbuda.
