Present at the signing was Minister of Economic Development and Planning, Anthony Boatswain, the General Manager of the Grenada Industrial Development Corporation, Sonia Roden, officials of the Corporation and the project sponsors.

The occasion signalled the Government’s continued effort and commitment in encouraging and facilitating private sector investment, in order to boost economic development.

According to a government statement, the company will establish a marina village with a commercial and residential mix, to include a 65 room boutique hotel, 31 luxury villas, 40 two bedroom suites, condominiums and apartments; a waterfront restaurant, sporting centre, beach club and 100 boat decks, representing a total investment in excess of USD120mn.

The project is being supported through the grant of investment incentives provided to approved tourism developments.

Upon completion, the government revealed, the project will create jobs for approximately 300 people, and will also contribute to increasing the country’s room stock, through its utilization as a tourism resort.

The statement concluded by announcing that:

"It is Government’s intention to continue encouraging these types of developments due to the positive economic impact to be realized such as an improvement of Grenada’s tourism product and a reduction in the unemployment level through the creation of jobs among other benefits."