Browne signs MOA for EC$2b project
ST JOHN’S –– One day after taking up the position of prime minister, Gaston Browne has signed a memorandum of agreement (MOA) with Yida International Investment Antigua Ltd to pave the way for a $2 billion investment project in this twin-island state.
According to a government press statement, the MOA emerged after an eight-hour session of negotiations on Saturday.
Yida International is expected to invest over $200 million annually in the economy over the next ten years, as well as provide an Antigua & Barbuda presence in the People’s Republic of China to attract additional economically viable investments.
Browne stated: “I promised the people that my administration would bring the type of investments to the country that will transform Antigua & 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,” he added.
Yida investors say the initiative will see the transformation of Guiana Island and surrounding lands via the construction of five five-star hotels.
Thirteen hundred residential units, a casino, conference centre, 27-hole golf course, marina and landing facilities, as well as a commercial, retail and sports facility will also be built.
Attorney General and Minister of Justice and Legal Affairs, Immigration and Labour Steadroy Benjamin, who witnessed the MOA, said the new Antigua & Barbuda Labour Party (ABLP) was about delivering for the people of Antigua & Barbuda.
Benjamin pointed out: “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.”
During the lead-up to the 2014 general election, Prime Minister Browne vowed that his administration, when elected, would bring tangible investments that would generate much needed economic growth for the country.