Pointe FM: Prime Minister Gaston Browne outlined the government’s plans to utilize proceeds from the Alfa Nero sale to pay off national debts.
Speaking on Pointe FM on Saturday, PM Browne announced the government’s decision to reallocate a portion of the $40 million from the Alfa Nero funds to pay off debts, instead of using it to build the Callaloo Cay project as originally planned.Â
The Prime Minister also addressed the future development plans for Morris Bay, highlighting both past setbacks and new opportunities for growth. He began by discussing a previous partnership with a Dubai-based Sheik, who was supposed to develop a luxurious resort in the area.
However, the project did not come to fruition. “He did not perform, and we got back the land, every square inch of it, so we didn’t lose anything,” Browne stated, emphasizing the government’s reclaiming of the property.
To finance the project, Browne outlined a new strategy leveraging the Citizenship by Investment Program (CIP).
“We may have to accumulate the funds from the CIP program,” Browne explained, mentioning an uptick in CIP applications. “We aim to gather $30 million from the CIP, along with contributions from private sector members, to build a beautiful condo hotel.”
In addition to the condo units, the Prime Minister shared an exciting vision for the development, including the construction of overwater bungalows. “We are even thinking about having some over-the-water bungalows,” Browne said, highlighting a feature that could attract tourists seeking unique and upscale accommodations.
