Cabinet discusses economic projects with investors

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By Orville Williams

The Cabinet of Antigua and Barbuda said it entered into discussions with potential investors last week, regarding the viability of three projects which could mean greater economic diversification for the country.

Speaking at the post-Cabinet press briefing last week, Information Minister Melford Nicholas expressed optimism about the projects, the first being a development atop Monk’s Hill.

 “I think they gave us an idea of what the facilities may look like, the type of attraction that it will bring and what they are attempting to do. Certainly, architecturally, it is very pleasing to the eye from the models that we have seen,” he said.

He was quick to point out, though, that due process must be maintained, as in any economic endeavour.

 “What has to happen now is that the plans – as they have conceptualized – have got to be submitted to the whole developmental process.

 “The impact on the environment has got to be assessed and then, of course, the Development Control Authority has to have its review … before final consent is given,” Nicholas explained.

He also shared that an initial figure for the project had been put on the table, adding, “I think the investors have indicated that they are prepared to spend, in that particular area – going off the top of my head – approximately US $10 million.”

A cryptocurrency project was the next item on the agenda, which Nicholas said was already being discussed.

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