Bulk of CIP monies used to pay Social Security pensioners, according to CIU

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Almost half of the disbursements (42.79 percent) made from the Citizenship by Investment Programme (CIP) in the first six months of 2019 was used to settle monthly pension payments.

That is according to documents outlining the Citizenship by Investment Unit’s (CIU’s) operating account disbursements, which revealed that the largest sum of monies from the programme (US $6,000,000) had been disbursed to the Antigua and Barbuda Social Security Board.

The document also disclosed that 10 percent of the US $14,021,046.31 transferred from the CIP account was used to finance the development of educational institutions across the island.

Additionally, US $540,000 went toward improving the broadband service for educational institutions; US $432,000 was used to develop the broadband Internet access for the University of the West Indies (UWI) Five Islands Campus; and US $421,200 funded the purchase of IP network links for the UWI campus.

A significant sum of money (US $297,433.40) was also used to finance parts of the sporting sector.

Improvements to the legislative dynamics of the twin island can also be credited to CIP funds. This includes the legalisation of marijuana of which US $23,760 was transferred.

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