The principal of the YIDA Group and a group of investors led by one Mr. Singh were invited to the Cabinet, following a signing ceremony between both private parties.
Mr. Yida has agreed to sell 100 acres of land in the development where a medical school and a hotel will be built.
The purchaser of the land for the project addressed the Cabinet, indicating his interest in Antigua dating back several years, and his determination to enhance the attractiveness of the destination to foreign direct investment.
More than $100 million dollars will be spent on the medical school project and the hotel.
Mr Yida accepted that sourcing capital from his former home-country is extremely difficult; hence, he would invite others with capital to become a part of his expansive project at Coconut Hall, in order to move the project along.
The Yida Project, explained the Chairman of Cabinet, is one of the most important projects in the pantheon of projects taking place in Antigua and Barbuda; it will continue to receive the full support of the administration, he declared.
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