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Protecting Barbadians the priority
7/30/2010
A special purpose vehicle has been designed for the $120 million government guarantee aimed at getting the stalled Four Seasons Resorts project off the ground.
According to Minister of State in the Ministry of Finance, Senator Darcy Boyce, such a step was necessary to protect the Barbadian citizenry.
“When we agreed to the guarantee of $60 million to get the project restarted, we had to ensure that the taxpayers of Barbados were properly protected and it had taken some time to negotiate an agreement that we felt was in the best interest of the taxpayers of Barbados. Since we have gotten to that stage and that has been signed, we have had to do a special purpose vehicle in order to do the guarantees through. That work has been done and the matter is in the hands of the lawyers to get the matter sorted out,” he stated.
Boyce was speaking to journalists on several national matters during a live press conference last night at the Caribbean Broadcasting Corporation.
He stressed, “There was a choice: We could go ahead and rush and do a guarantee and go by someone else’s dictates and leave the people of Barbados exposed or we can do it the right way and ensure that the people of Barbados are not exposed.”
Construction on the multi-million dollar luxury resort has been halted at the site since February 2009 and Government approved the funds at the beginning of last month.
“We would have loved for the project to have started as early as possible, but the fact of the matter is that you cannot do that and leave the country exposed to a $60 million contingent liability,” he continued. (JMB)
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