Antigua and Barbuda seeks US$100M to expand Cargo Port

Antigua and Barbuda: Prime Minister Gaston Browne informed that the government is planning an expansion of US$100 million of Antigua & Barbuda cargo port in order to support the development of transshipment operations. He addressed the nation through the Browne and Browne Show during the weekly broadcast.

PM Browne said that during a recent meeting with the representative of the United States International Development Finance Corporation, he proposed this project, The representative suggested that financing opportunities were available to support development projects.

The corporation, however, does not offer direct loans to the governments, but it finances the private companies seeking investment opportunities abroad.

PM Browne said that the country is receptive to such a financing structure but it wants an arrangement which preserves domestic ownership of national assets. The government also aims to keep a greater share of the profits within the country itself.

The Prime Minister said that discussions were also held with the Chinese company which is constructing the existing cargo regarding the financing for the expansion.

He assured that before entering a joint arrangement, the government would evaluate the proposed interest rate and other terms.

PM Browne said that the cargo port and the airport entirely remain owned by the country despite being developed with Chinese financing. He also assured that the model which the government prefers allows the nation to retain ownership and also use the generated revenue from the public assets in order to support development.

The Deep Water Harbour cargo port was developed by China Civil Engineering Construction Corporation (CCECC). The construction started in 2018 and the port was finally opened in late 2022. Now, the government is seeking another investment in order to expand the role of the country in regional and international cargo movement.