Christophe Harbour sale secures EC $25 Million for public institutions: PM Terrance Drew

Prime Minister Dr Terrance Drew made an official statement on Thursday, May 29 and confirmed that his administration has secured almost EC $25 million in direct grants for public institutions which came about as a result of the large-scale sale of the marina assets and operations at Christophe Harbour to Safe Harbor Marinas, LLC.

In what is reported to be a major breakthrough and game changer, Prime Minister Drew said the sale put an end to past mismanagement and at the same time brought in tangible and measurable results for the people of the Federation. “After meticulous negotiations, this government has secured direct payments of nearly $25 Million Eastern Caribbean dollars from this transaction,” reported PM Drew.

The Prime Minister stated that these direct payments are only a portion of the sale price and will be used as funds to improve public institutions, settling long-term debts and restoring the financial health lost under the previous leadership.

Usage of these funds

• EC $4,528,523 for the Social Security Board
• EC $2,406,077 for SKELEC
• EC $5,703,600 to the Sugar Industry Diversification Fund (SIDF)
• EC $2,796,032 for the National Bank Trust
• EC $2,716,000 to the National Bank
• EC $2,987,600 to abate property tax arrears 
• EC $3,612,280 into stamp duties

Moreover, the Prime Minister reported that these debts had been piling up for many years. ”With these payments, we have brought closure and clarity,” the Prime Minister affirmed. He also highlighted that beyond these direct payments, large sums of money have been set aside for the growth of the marina by Safe Harbour Marinas which is the world’s largest operator of marinas with over 135 facilities globally. 

Also as part of the agreement, Safe Harbor will expand the Christophe Harbour Marina by 40% and build a new desalination plant. PM Drew also reported that they found a breakthrough at Christophe Harbour to start a new chapter to turn it into a dynamic investment hub which is a part of their goal to become a Sustainable Island State.