Global Ports Pays Off 21 Million Dollars Cruise Debt At ACB

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Global Ports, the company given a 30 year deal to manage local cruise ports has paid off a 19 year debt at the Antigua Commercial Bank, Prime Minister Gaston Browne has announced.

The US$ 21.5 million paid off by the company recently was part of the US$ 22 million loan by the then government to upgrade cruise facilities.

“And by the way, I want to also say here that Global Ports has actually paid off the US$ 21.5 million that was owed to Antigua Commercial Bank and other bond holders,” Browne announced on his radio programme.

The prime minister said it serves as a slap in the face to members of the opposition who have argued that global ports does not have any money.

He said for 19 years, the Government of Antigua and Barbuda struggled to pay based off cruise revenues were assigned to that debt.

“Remember the principal was 22 million and 19 years later having assigned all of the revenues, it was 2.15 million,” he said.

The repayment of the debt is one of the conditions that Global Ports agreed to when it signed a deal with the Antigua and Barbuda government for the management of the cruise facilities.

GP on Thursday said it has commenced cruise port operations in Antigua following a completion of all final conditions to do so, including reaching financial close.

The cruise port operator said it will now use its global expertise and operating model to manage the operations in St John’s port. Global Ports said it expect to bring “meaningful” change to the cruise port experience and cruise tourism in Antigua and Barbuda, to the benefit of all stakeholders.

The company said it also intends to work in partnership with local operators to enhance shore excursion opportunities and will support local efforts to regenerate tourist attractions in the destination.

The expected total initial investment in the first 12 months of operation will be between USD45 million and USD50 million, Global Ports said, including repayment of the existing bond, completion of new pier construction and investment into the retail facilities. GPH’s cash equity contribution is set at 27.5%, with annual revenue in year one is currently expected to be USD8 million.

 

 

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12 COMMENTS

  1. I think we should march for this. This is not good. Why would Global Port be so generous to pay off our debt. That is not good at all. Now we have less debt. LOL LOL LOL
    Great things are about to happen. Faithful Nationals, UPP and others Keep marching. it will take you about 28 years to get some ground once again

  2. From the Sideline

    TOTALLY IN AGREEMENT WITH YOU. DID YOU HEAR WHAT THE YOUTHS SAID ON THE BIG ISSUES ABOUT THE UPP PARTY ? THEY SAID THAT JAMAL PRINGLE IS A DISGRACE IN PARLIAMENT.ALSO LOVELL IS AN ASSET FOR THE ABLP . HON.GASTON BROWNE WILL PRIME MINISTER FOR THE NEXT 30 YEARS. THE UPP SHOULD CALL THEMSELVES “THE MARCHING PARTY”

    • This is what Lovell himself FAILS TO REALIZE: he is a millstone around the neck of the UPP. He would rather massage his own ego than to do what’s in the best interest of the leadership of the party. Registering a public gift to the nation of Antigua and Barbuda in your private name is not helping his cause either. Track record as the WORST FINANCE MINISTER ever and the perception of being a spineless coward who caved in to Butch and allowed Sandals to hold on to the government’s monies. He is a “POLITICAL SISSY” (real or perceived doesn’t matter). He and his big fren Mrs. Watered-Down, like to say “oh the UPP listens to the concerns of the people” BUT they are clearly NOT listening to the people who see Lovell as a LOSER!! And I am afraid it will cost the party the next general elections. As the older folks say, “who nah hear will feel”

  3. So Global Ports paid off a Government Loan and you people rejoice.So now the Government owes Global Port that money.So why rejoice?That loan has to be paid back one way or another.Global Ports would be coming out on top.Those of you who are rejoicing now.Would be the carriers of water and get not a darn thing in return from this deal.You would remain poor.

    • No the government doesn’t owe global port anything, that payment is apart of the deal with them to pay off any cruise debt that was incurred by the government for over 19 years.

    • Do you expect Global Port to go in business to lose money and we are the only winners. The fact is we are better off today already than before Global Port. We had that debt for many years and could not even pay the interest. Now in one sweep the debt is gone. ACB must be very happy. They thought that the revenues from the Cruise Ships would have enabled the government to service the loan. But twenty years later we are still at the same point

    • Aloenso, let me tell you what their plans are. They are watching the world news and see how protesters all over the world are bringing down their government with rioting in places like Hong Kong, Haiti, Lebanon, Iraq, Bolivia and other places. And they think they can pull off the same stunt in Antigua. But they will have something else coming to them. Antigua people not stupid to follow them. We have a very peaceful country and our democracy is working well. The cabinet is accountable and we have no scandals. Only the ones made up by them. Well I think we should let them march every day until next election and them we give them a clean sweep this time around.

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