|Minister of Finance and Economic Affairs, Christopher Sinckler|
The stalled Four Seasons hotel project is about to get a major financial ???shot in the arm’ which could see a restart of the multi-million dollar upscale tourism venture in the coming months.
Word of this has come from Minister of Finance and Economic Affairs, Christopher Sinckler, who disclosed that the local NIS Scheme along with the National Insurance Schemes of Dominica and St. Vincent and the Grenadines, would be minority investors in the project.
Paradise Beach Limited, the company seeking to restart Four Seasons, had sought a $60 million investment from the local NIS.
Addressing the Barbados Association of Insurance and Financial Advisors conference at the Lloyd Erskine Sandiford Centre yesterday, the Minister said the Inter-American Development Bank’s (IDB) credit committee had already approved funding for Four Seasons, with the investment expected to be ratified by the IDB’s executive board meeting next month.
Mr. Sinckler noted: "The IDB, along with ANSA Merchant Bank and Four Seasons – the company – have agreed to put upwards of US $180 million into the project to get it going again, along with our NIS (schemes) across the region.?? The [Barbados] NIS board has made a decision which has been formally communicated to Four Seasons officials and to me.
"The IDB’s board is to give formal approval of the investment in early February…the credit committee has already approved it and, most likely, the board will approve…once the credit committee gives the go-ahead."
The Finance Minister revealed that he met recently with a number of Four Season villa investors, who indicated an interest to restart their investment in the project, on receipt of updated information within 30 days.
Mr. Sinckler said the Four Seasons brand would enhance the island’s tourism??and economic prospects over the longer term.