ST. JOHN’S, Antigua, Oct 26, CMC – Prime Minister Gaston Browne has a plan for funding projects in Antigua and Barbuda.
In fact, so confident is Browne about his proposed plan he is boasting “I can pick up the phone Monday morning and raise US$60 million and put it to any project, viable project, of course”.
Browne presented the idea as a way to mobilise domestic resources for development, reduce dependence on foreign investors and retain more profits within Antigua and Barbuda, adding “I think we can do more by pooling our resources”.
At the heart of Prime Minister Browne’s proposal are the State Insurance, Social Security and the Airport Authority which would be vital as potential sources of investment funding alongside the Treasury
Prime Minister Browne, speaking on his weekly radio programme, outlined the possible contributions of between US$10 million and US$20 million from the Treasury, US$10 million from State Insurance, between US$10 million and US$20 million from Social Security, and another US$10 million from the Airport Authority.
According to him, the upper figures for the Treasury and Social Security would total US$60 million.
Browne has even identified two properties of about 150 rooms each at Greenfields and Jolly Beach as well as land at Yepton’s as another development option.
Browne said Cabinet would discuss the possibilities on Wednesday before determining which projects to pursue.
The prime minister suggested that the pooled funding could help get the developments started, with investment through the Citizenship by Investment Programme(CBI) and borrowing potentially covering additional costs.
“We’ll look at them, look at the viability, and potentially those would be the next two projects that we’re looking at,” he told radio listeners.
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