Antigua and Barbuda

PM Gaston Browne signs $2 Billion deal one day into new job


Published

Just one day into his new job and Antigua and Barbuda’s new Prime Minister Gaston Browne has wasted no time. In a meeting which is reported to have lasted five hours, the new Prime Minister concluded a deal with Yida International Investment Antigua Ltd which will bring $2 billion investment into the country.

The deal for development on Guiana Island and surrounding lands includes the “construction of five five-star hotels, 1300 residential units, a casino and conference centre, a 27 hole golf course, marina and landing facilities and a commercial, retail and sports facility”.

The full press release as published on the government website is as follows:

“PM Browne Seals Election Promise after One Day on the Job

June 15, 2014

Following an eight-hour long session of negotiations on Saturday, one day after taking up the position of leader of the government, Prime Minister the Hon. Gaston Browne signed a Memorandum of Agreement (MOA) with Yida International Investment Antigua Ltd., paving the way for a two billion dollar investment project in Antigua and Barbuda.

During the lead up to the 2014 election, which was overwhelming won by the new Antigua and Barbuda Labour Party (ABLP), Prime Minister Browne pledged to the people of Antigua and Barbuda that his administration when elected would bring tangible investments that will generate much needed economic growth for the country.

“I promised the people that my administration would bring the type of investments to the country that will transform Antigua and Barbuda into an economic powerhouse and I am serious about that promise. This Memorandum of Agreement is the result of our determination to work in the interest of the people of the country,” PM Browne stated.

The Memorandum of Agreement, which binds Yida International Investment Antigua Ltd., to the investment, will result in Guiana Island and surrounding lands transformed with the construction of five five-star hotels, 1300 residential units, a casino and conference centre, a 27 hole golf course, marina and landing facilities and a commercial, retail and sports facility.

Attorney General and Minister of Justice and Legal Affairs, Immigration and Labour, the Hon. Steadroy C.O. Benjamin who witnessed the MOA, said that the new Antigua and Barbuda Labour Party is about delivering for the people of Antigua and Barbuda.

“We were elected convincingly by the majority of the people of the country and we are committed to live up to our promises. One major promise is to provide jobs. This project will ensure that we move people from unemployed to being employed,” noted Attorney General Benjamin.

Yida International Investment Antigua Ltd is expected to invest over 200 million dollars annually in the Antigua and Barbuda economy over the next ten years as well as provide an Antigua and Barbuda presence in the People’s Republic of China to attract additional economically viable investments.”

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