In a historic move, the Minister of Finance, Prime Minister Dr. Hon. Terrance Drew, alongside the directors of St. Kitts and Nevis and Anguilla National Bank, has granted Christophe Harbour millions in debt forgiveness. This decision comes as a beacon of relief for the development, which had accumulated a debt of $130 million to the bank.
The relief comes through the waiver of the interest on the $130 million Loan that the Minister of Finance and the Directors of the Board have agreed too according to former UN Ambassador Ian Patches Liburd who made the stunning revelation on his Straight Talk Radio Programme
The collaboration between the National Bank and the Sugar Industry Diversification Foundation (SIDF) initially provided Christophe Harbour Investors with $40 million. The SIDF’s contribution acted as a grant, while the National Bank extended a loan. However, this loan eventually became delinquent, standing as one of the bank’s largest non-performing liabilities.
Despite efforts through property sales and yacht slip rentals, the development had not made any repayment to the National Bank. Remarkably, the owners of Christophe Harbour managed to construct the development with minimal personal investment, relying instead on the $40 million granted to them by the Denzil Douglas-led Labour administration.
This debt forgiveness not only eases the financial burden on Christophe Harbour but also marks a significant milestone in the economic landscape of St. Kitts and Nevis. The agreement underscores the government’s commitment to fostering sustainable growth and development within the region.