Is this new IADB loan on top of the $60 million NIS pension monies already ‘invested’?
It could be that we at BFP are just stupid or that we haven’t been paying attention – but can anyone tell us exactly how much public money the Barbados government now has invested in the ailing Four Seasons project? And how much more is guaranteed by the government?
How much did the Four Seasons developers owe the government when the project initially got into trouble?
Can anyone produce an accurate and comprehensive detailed list of what public monies are either already provided or slated for ‘investment’ in the Four Seasons project and how much more will be at risk due to government guarantees?
Can anyone assure that Bajan taxpayers that in the event of default or project collapse that Barbados is #1 on the list ahead of all others for getting paid with the Four Seasons assets?
The Barbados news media and the government always announce a new loan with celebration and joy – as if our creditworthiness is something to be proud of rather than a temptation to be resisted lest we sabotage and sell-out our country’s future.
BFP February 2, 2012: Four Seasons high profile buyers sue for deposits as Barbados NIS invests $60 million
Please read the following Nation story at their website, but unfortunately we have to reprint the whole article here because that paper has a history of deleting stories for political and other agendas…
US$52m loan in bag
BY TONY BEST | WED, MAY 23, 2012 – 10:03 PM
Sealed, signed and now to be delivered.
That’s the status of an Inter-American Development Bank (IDB) loan of US$52 million for the Four Seasons hotel and resort project in Barbados.
The bank’s executive board, headed by its president Luis Alberto Moreno, yesterday morning approved the investment needed to restart the project, stalled since February 2009.
“Approval by the board signals that the bank regards the project as both viable and vital,” Dr Richard Bernal, the Caribbean’s executive director at the IDB, told the DAILY NATION.
Bernal, who along with Moreno played a key role in securing the board’s approval, said: “The Inter-American Development Bank has in the past not done many private-public sector partnerships in high-end tourism but understood that Barbados as a small country does not have the capacity for mass tourism and must maximize the returns through its proven capability and comparative advantage in high-end tourism.”