Text of
report by Caribbean Media Corporation news agency website
ST.GEORGE'S,
Grenada, CMC - Chinese investors have promised to plough US$200million dollars
into Grenada's struggling economy after wrapping up a one week visit to the
island. The investors have also announced for a follow-up trip in August to
present specific project proposals.
They have
signed a number of memorandums of understandings (MOUs) after a busy series of
bilateral meeting with top government and private sector officials. "Based
on the interest expressed by the visiting Chinese delegation we were able to match
that by facilitating bilateral meetings" said Chris DeRiggs, the Director of
Private Sector Development in the Ministry of Finance.
"So these
meetings have happened and they have been very fruitful and in some instances
they have gone to the extent of signing MOUs' "The investors from Beijing
are targeting two major hotel projects, including a Four Seasons, which have
been affected as a result of the global economic meltdown.
Government has
been seeking US$100 million in private sector funding to build the hotel after
the International Monetary Fund (IMF) cautioned against securing a state loan. Ongoing
efforts by British developers to secure funding for the Four Seasons project have
failed in light of a tight capital market.
The Chinese
have expressed an interest in various other sectors including agriculture,
fisheries, mining, energy and tourism. "Right now we are trying to sort
out some legal issues and regulations with government" said Fu Zai Song,
the head of the 19 member Chinese delegation.
The investors
represent presidents and chair of various companies whose finances are managed
by Touchstone Capital Partners, a Chinese financial company. "But I think
we need a quicker process for our investment. We want to start investment very
quickly .We have already discussed with the government for a quicker
process" said Song, who is also the chairman of Touchstone Capital Partners.
A Government
statement said that the investors have outlined a development plan for Grenada
which includes an immediate injection of US$10 million into the economy.
Originally published by Caribbean Media
Corporation news agency website, Bridgetown, 23 May 11.
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