Nevis's Premier and Minister of Finance Vance Amory believes that a US$10 million purchase of a 738 acre tract of land on the Caribbean island by the government will be an investment repaid many times over through new developments funded by both domestic and foreign investors.
Mr Amory expounded this view whilst delivering a keynote address at Nugent Heights to mark the sale of residential and commercial lots at Pinney’s Estate by the Pinney’s Estate Development Agency (PEDA).
"It is in fact our stated position and policy to make this tract of real estate which we have purchased for the development for the five star hotel and villas and for our own people to invest in commercial and residential activity to make this the means to generate new wealth for the people of Nevis and to ensure that persons here who have an idea and are able to raise the financing can have an opportunity to invest to make themselves better off and also to add to the value of this country,” Amory told the audience.
Premier Amory argued that the debt-funded purchase of the land represented a sound long-term investment and would be recouped many times over through the creation of up to 1,500 jobs within the next five years.
“The creation of the US$10 million debt to purchase this property, even though we had persons being critical of it, has a greater potential to provide more than 25 times the initial debt which has been created and it is not just the monetary returns," he remarked.
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