Global Ports Deal Now Delivering Higher Revenue, PM Says
The cruise port concession with Global Ports Holding is now generating higher net revenue for the government after years of upfront investment and debt clearance, Prime Minister Gaston Browne said Saturday, rejecting criticism that the agreement disadvantaged Antigua and Barbuda.
Speaking on Pointe FM’s Browne and Browne programme, Browne said Global Ports Holding has invested more than US$80 million in port infrastructure while also clearing approximately US$21 million in debt inherited by the government.
“Global Ports has invested over 80 million U.S. dollars in the port,” Browne said, adding that the company also paid off “the 21 million U.S. dollars debt that existed at the port at the time.”
He said the agreement has shifted the government from a loss-making position to a net revenue earner, as major capital expenses are no longer borne by the state.
“We are now net positive,” Browne said, noting that prior to the concession the government was responsible for servicing debt and maintaining aging infrastructure.
Browne said passenger head taxes have also increased under the arrangement, rising to about US$3 to US$4 per cruise passenger, generating additional revenue as visitor numbers rebound.
“The head tax has increased,” he said, explaining that the improved facilities and expanded berthing capacity have strengthened Antigua and Barbuda’s competitiveness in the cruise sector.
He said the agreement includes a reversion clause under which all port facilities will return to government ownership after 30 years, describing the concession as a long-term investment rather than a sale.
“At the end of the 30-year period, the port reverts to the government,” Browne said.
Browne said criticism of the deal often ignores both the scale of private investment and the financial condition of the port prior to the agreement, arguing that the arrangement has modernised critical infrastructure while stabilising public finances.
“This has worked out extremely well for the country,” he said.
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