Prime Minister of St. Kitts and Nevis, Dr. Terrance Drew, on Thursday, 29th May, confirmed that nearly EC $25 million has been secured in direct payments to public institutions as part of the strategic sale of the marina assets and operations at Christophe Harbour to Safe Harbor Marinas, LLC, the world’s largest owner and operator of marinas.
Describing the transaction as a “powerful turning point” and a correction of past mismanagement, Prime Minister Drew announced that the proceeds from the deal are being channelled into long-neglected national obligations, offering a new path toward fiscal stability and transparency.
“After meticulous negotiations, this government has secured direct payments of nearly EC $25 million from this transaction,” Dr. Drew stated. “These direct payments, which are only a portion of the sale price, are funds that are going straight back into our public institutions, settling long-standing debts, and restoring financial order that was lost under previous leadership.”
The funds are being used to settle significant outstanding debts, including:
- EC $4,528,523 to the Social Security Board
- EC $2,406,077 to SKELEC
- EC $5,703,600 to the Sugar Industry Diversification Fund (SIDF)
- EC $2,796,032 to the National Bank Trust
- EC $2,716,000 to the National Bank
- EC $2,987,600 in property tax arrears
- EC $3,612,280 in stamp duties
“These debts had been left lingering for many years,” the Prime Minister noted. “With these payments, we have brought closure and clarity.”
In addition to direct financial redress, Prime Minister Drew highlighted future investments by Safe Harbor Marinas, which will include a 40% expansion of the Christophe Harbour Marina and the construction of a new desalination plant. These developments are scheduled for completion by November 2025 and are expected to position St. Kitts as a premier yachting destination in the Caribbean.
“Today, Christophe Harbour has written a new chapter to become a vibrant investment hub as part of our quest to become a Sustainable Island State,” Dr. Drew said, reaffirming his administration’s commitment to good governance, transparency, and people-centred development.
The landmark agreement underscores the Labour-led government’s strategy to transform underperforming assets into engines of growth, while demonstrating its continued commitment to fiscal responsibility and national progress.
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