“Entrepreneurs and business people” have been invited to join the government to fund the completion of the Sunshine Hub Car Park– a project Prime Minister Gaston Browne said is worth US $17 million.
According to the Government’s Chief of Staff Lionel “Max” Hurst, who provided OBSERVER media with a post-Cabinet report, the government will purchase the unfinished structure and will then look to local investors to partner in completing it.
“The government will purchase the unfinished structure from the CLICO Group’s Receivers for about US $7 million, and will require and additional US $10 million to complete the structure,” Hurst stated.
He added that the Cabinet would create a “mechanism” that would encourage individuals with substantial funds in the form of certificates of deposit (CD) to partner in the “recovery venture.” The chief of staff said those whose CDs earn low interest rates would be targeted.
At Thursday’s post-Cabinet press conference, the prime minister said, “the government is prepared to underwrite up to 49 percent of the risk. If we have to take a majority stake we’ll do so. But ideally, we’d want it to be private sector driven.”