The government is exploring financing options for a proposed US$100 million expansion of Antigua and Barbuda’s cargo port to support the development of transshipment operations.
Prime Minister Gaston Browne said the additional infrastructure would allow the country to expand its role in regional and international cargo movement.
Browne said the project was raised during recent discussions with representatives of the United States International Development Finance Corporation, who indicated that billions of dollars were available to support development projects.
“I was saying to my Cabinet colleagues, ‘We need about another US$100 million to expand the port facility to facilitate the transshipment business,’” Browne said during the Browne and Browne Show.
However, he said the corporation explained that it does not provide direct loans to governments. Its model instead finances private companies seeking investment opportunities in other countries.
Browne said Antigua and Barbuda remains open to that financing structure but would prefer an arrangement that preserves domestic ownership of major national assets and keeps a greater share of the profits within the country.
The government has also asked the Chinese company involved in constructing the existing cargo port to hold discussions on possible financing for the expansion.
“We asked them to proceed with discussions with them to see whether or not we can get a good deal,” Browne said.
He said the government would assess the proposed interest rate and other terms before deciding whether to enter a joint arrangement.
Browne maintained that the cargo port and airport remain wholly owned by Antigua and Barbuda, despite being developed with Chinese financing. He said the government’s preferred model allows the country to retain ownership and use revenue generated by public assets to support further development.
This article was originally published by Antigua News Room. Read the original article here: Antigua Government Exploring US$100 Million Expansion of Cargo Port.