The government says it is looking to raise $ 20 million for the part expansion project by issuing bonds.
“The new bond issue is intended to finance the port expansion project which would allow the largest cruise ships now sailing, the Quantum Class Ships, to enter into the Antigua Heritage Quay Port,” Chief of Staff Lionel Max Hurst reported following Cabinet.
He says the northernmost boundary of the inner harbour is to be dredged, and the new pier built to specifications “within the next 6 months, or in time for the start of the next tourism season.”
The bond issue will likely go on the market within a week according to Hurst.
Governments around the world issue bonds in order to borrow money to help pay their bills.
Investors, including banks, insurers and pension funds as well as individuals, buy them in order to earn a return.
Governments issue bonds with a range of different maturities – three months, a year, 10 years, 30 years and so on. This is the length of time governments are giving themselves to pay back investors.
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