UPP Presents Opportunities for Investment and Economic Diversification As Part of Diaspora Roadshow

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As part of the United Progressive Party’s (UPP) Diaspora Connect Roadshow, the UPP delegation led by Political Leader Harold Lovell and Deputy Political Leader Jamale Pringle, presented their plans and programs at an invitation-only investment reception in Atlanta, Georgia last Wednesday.  The event was designed to engage reputable investors to discuss economic diversification as the Party fine tunes its economic recovery plan.

 

The UPP outlined its vision and goals to create jobs and economic growth through strategic investment and business-friendly policies that will position Antigua and Barbuda at the forefront of innovation and development. The presentation also highlighted the main reasons why investors should choose Antigua and Barbuda and the UPP’s vision for how the investment process will be simplified and managed by the Antigua and Barbuda Investment Authority.

 

Among the UPP’s major investment goals are the diversification of economic sectors, establishment of extensive trade links and the uplifting of people and the economy through lucrative small business and entrepreneurship opportunities.

 

The event attracted over 40 principals and senior executives of various organizations. There was keen interest in Antigua and Barbuda’s strong capacity for trade and investment in the areas of tourism, air transportation, manufacturing, agriculture agtech, fin tech and international banking.

 

Describing the reception as highly successful, UPP’s Political Leader, Harold Lovell emphasized that job creation and economic diversification were the highest priority issues on the agenda.

“While we are proud of our tourism industry and the potential of our product, we recognize that the world is changing and we must also develop other key sectors.  We highlighted Antigua and Barbuda’s key assets as an ideal business location, a premier tourism destination, central geographic location, trained work force, and stable currency.”

 

The reception provided an opportunity for effective networking to discuss coalition-building opportunities that will advance economic diversification. There was significant interest in learning more about how local assets and ideas can be transformed into economic opportunities

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51 COMMENTS

  1. Congrats to the UPP for your pro-active approach and wonderful initiatives. We need to get rid of the ABLP WITH THE 26 failed projects and with most of their investors in jail.

    • @KNIGHT IN SHINING ARMOR

      All that LIES you have been spewing on your program show much you are a UPP PUPPET. KNIGHT you are an ARSE. Stop singing for your supper…You never get that SENATOR Seat. UPP will never win election.

  2. “While we are proud of our tourism industry and the potential of our product, we recognise that the world is changing and we must also develop other key sectors …”

    Well highlighted sir, the hospitality sector has always been an important financial sector for Antigua, however other monetary sectors must be now be pursued with the same vigour.

    The hospitality sector is seen as a servitude industry (wrongly or rightly) by many Antiguans, however UPP must develop as much revenue stream as they can, then Antigua will know they are going in the right direction.

    • WHAT the HELL is this…….According to Tanny Rose…They attend a Lodge meeting. This is a FAKE. Where is the AUDIENCE ? Sheffield Bowen is sleeping. BIG. BIG FAILURE. This a FAILED Road show by the UPP. ABLP. 17 SEATS…… UPP 0 SEAT.

      • @ JIM B

        LOL, LOL, LOL, JUST SHAME AND EMBARASSMENT BECAUSE OF THE ABLP’s 26 FAILED PROJECTS.

        WHO YOU THINK PEOPLE WILL BELIEVE, 26 – 0 TO ALL THE ACCOMPLISHMENTS IN THE UPP’s RECORD OF RESULTS, EVEN YOUR EMERITUS LEADER LESTER BIRD COMPLAINED ABOUT ALL THE FAKE GROUND BREAKINGS.
        FAKE THAT😕☹️🙁, USEFUL IDIOT

      • You think they are stupid to show you the crowd. If it were impressive, they would certainly have shown it.

  3. How about they show us some pics of the attendees? This saga reminds of the investors waiting on Sandy island for the UPP to be elected. Between 2009 (HL was minister of finance the Economy and Public Administration) and the elections of 2014, the only year A&B experienced growth was 2012 (about 3%). HL’s tenure was one of decline for the A&B economy. Comparisons (A&B at the end):
    SLU 2009: -2.8%,2010 was 1.6%, 5.5%, 2012:-02%, 2013 -3.2%
    SKN: 2009:-4%, 2010:-06%, 2011:1.6%, 2012:-2.2%, 2013:5.4%
    SVN: 2009:-4%, 2010:-3.4%, 2011: -0.4%, 2012:1.4%, 2013: 1.8%
    A&B 2009: -12%, 2010 -7.8 %, 2011: -2%, 2012: 3.4%, 2013: -0.6%

    Never again, can we place HL in such a position of power again (NB the Global financial recession ended early 2009) , because clearly he is not good for our economy (Under GB only one year, 2020, of decline when we faced the greatest recession since world war 2.

    • @tenman…. It would be good if Harold Lovell can divulge the quantum of investment the roadshow garnered. It is one thing to have an investment forum, but quite another to actually reap benefits from it. Notice the announcement could not even name one investor being in attendance or any any promised investment. Instead it says, “The event attracted over 40 principals and senior executives of various organizations.” That kind of language tells me that no serious or reputable investor was in attendance. All froth and no beer from the UPP.

      • @ Wash an’ Basin

        40 is still much more than the 26 failed projects manifested by the ABLP over 9 years. SAD, VERY SAD INDEED.

        THE UPP HAVE PRODUCED MANY PROJECTS DURING THEIR TENURE, even so that THE ABLP has actually scooped one of their investors as their own when it was Harold and the UPP that brought the gentleman who is investing in HALCYON HERE.

    • What the hell is wrong with you @ Tenman?

      You never ever see any faults or wrong-doings with the ABLP? Why?

      What is your take on Gaston Browne paying off the electricity debts? Surely, you can’t be happy with these electoral inducements?

      Let fellow Antiguans know your take on this, and why didn’t your beloved Gaston Browne help people in debt beforehand?

      Why do this with the general election imminent?

      Even I realised the errors of my ways in supporting a political party that didn’t deliver in their last 2 terms.

      … and deal with the HEAR AND NOW instead of harking on about UPP’s past, or I’ll start digging up Lester Bird’s as well!

      • @Brix -thanks for the jokes.. you made my Sunday.. try and enjoy yours. I await the details re the apua debt forgiveness before I give my opinion (eg who qualifies and will it focus specifically on those in dire need and not be a giveaway for persons like me). Let me assure you that I take whatever disagreements I have, straight to the those in office. Guy my party is not perfect (a few mistakes were made) but not only do we try to deliver, we in general deliver (eg, when others like BDS, SLU were raising electricity rates due to the increases in fuel costs apua held strain During the pandemic, though strained for cash, government ensured public servants not only stayed employed, but got paid, Added investments in agriculture during the pandemic, Medical facilities were upgraded to deal with the surge, Food baskets were provided to those in need, if you examined the data related to children negatively impacted by covid, you will see A&B children and families less negatively impacted (unemployment rate ) than most of our OECS counterparts **see Covid-19 and Children: The Hidden Pandemic,.)

        • I knew you couldn’t answer any of my main points (off on a tangent again), that’s why I put them to you @ tenman – you are soooo predictable and I don’t even know you boss!

          CREDIBILITY GONE WITH THE WIND … 🌬

      • But why is it only fair to criticize the PM and his administration’s efforts but not allowing others who support the ABLP’s vision to voice their viewpoints? Why are they being called names by many because they employ a different point of view? Why is it considered “singing for their supper” because they support their parry? The opposing views are singing for whom though? What them more patriotic? Is it that because they’re on the outside, they assume it is as simple as a “talk shop of viciousness” that will make things better?
        Albican say here is that Antigua and Barbuda will develop despite the negative conjectures.

      • Brixtonian. Before the 2014 election I was one of them that thought Gaston is crazy to announce the write off of debt for people’s electricity bills that have been cut off for more than three months. I saw that as unfair towards good citizens like me that pay our bills on time. The same thing with property tax. But after he explained his rationale, I could not do anything else but agree. You see someone that is behind more than three months will obviously not have the means anytime soon to re-connect their electricity. That means one customer less and monies that do not attract interest being death customer balances. APUA used to carry on their books millions of dollars of these delinquent accounts. Note that this proposal was only for private accounts. Not business accounts. This proposal helped the poor. the poor that you guys always say the PM doesn’t care about. They were the ones that benefited from that. What this also did was that these people suddenly became paying customers. So new cashflow came in. In accounting it is normal to make provision for doubtful accounts. When you look at that provision it may well be a write-off at some point in time. You actually lose nothing. Since you have built up your provision over the years. Banks should learn from that. But that’s another story.
        At the moment we can all agree that Covid and the consequences thereof have brought lots of financial hardship on many people. Some to mention are Liat workers, Jolly Beach workers and others. We keep hearing the UPP calling for subsidy. Well writing off their debt with APUA would be such a subsidy. Writing of their property tax would be such a subsidy. So in a nutshell it would be appropriate to assist the poor and the needy in times such as these to do something like this. But knowing the PM he will not have people go through some tests. That is the only thing I never agree with. I like to see means testing whenever my tax dollars are being given away. I hope you do understand the financial and political wisdom in what our PM is doing.
        I can also mention the Duty Free on cars. Sounds very stupid at first. But when you translate that in, increase in petroleum sales, Insurance Sales. ABST. Then you understand the wisdom of these kind of decisions.

    • @ 10 men

      how about pictures of the 26 failed projects and a picture of the investor in Halcyon brought by Harold and the UPP that the ABLP is piggy backing on.

      • @Poverty, seems your memory bad. The hotel, Royal Antigua, the investor recreated the former investor (Issa Nicholas ) who allowed the hotel to go derelict was brought here by HL. There was no actionable performance clause made by UPP, so ABLP had to give the man more (he got 27 million US in 2017 but paid 18 for it in 2004)than he paid for the hotel, in order for him to leave. It was under ABLP that Sunwing agreed (2017) to make the investment. I challenge you to find any statement from Lovell or the a UPP official before 2014, where they stated they had a deal with Sunwing for said hotel. Searching my archive, the only major investor I see UPP, before the 2014 elections pushing, was YIDA. No doubt if he was more successful, they would try to take the benefit. Here is Lovell in May 2014:

        ““Finance Minister Harold Lovell said Yida International Investment Antigua Limited, led by Yida Zhang, is seeking approval under the Citizenship by Investment Programme (CIP) as well as incentives under the Business and Tourism (Special Incentives) Act for a mega resort and residential development on Guiana Island and surrounding areas.
        “Government has approved the project and is willing to give the necessary concessions,” Lovell said.
        “We have done everything we can to facilitate the project and get it moving,” he added. “The possibilities exist that we do what is necessary in order to ensure that the project comes off the ground.”…Lovell said the government has been doing its part to ensure the mega project can move ahead full speed, but is waiting for the group to finalise its purchase from the Stanford liquidators. see Gov’t keen to offer incentives for Guiana Island project
        Article Published: May 9, 2014, Daily Observer

    • @ Ten men thank JAH your mother said hell no leave my land alone no to the Chineses. This is what the IMF said about the economy in 2014 when the UPP left office, read and tell me what the useful idiot is say is true.

      December 15, 2014

      On November 24, 2014, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Antigua and Barbuda.

      A modest recovery is underway but macroeconomic indicators are still weak and important vulnerabilities remain. Economic activity in the first half of 2014 showed continuing signs of recovery following real GDP growth of 1.8 percent in 2013. Tourism has performed strongly, with stay-over arrivals up 7.7 percent during the first half of the year. The winter tourist season was the most successful since 2009. Nevertheless, tourist arrivals are still over 5 percent below pre-global crisis (2008) levels while real GDP is 14 percent lower. Commercial bank credit to the private sector was down by 4.4 percent in June 2014 compared with a year ago, as banks continue to deal with high levels of non-performing loans. Inflation remains subdued, reflecting sluggish aggregate demand and the absence of international commodity price pressures. The fiscal stance was eased after the Stand-by Arrangement ended in June 2013 and in the run up to the June 2014 elections. At the same time, scheduled external amortization has more than doubled this year to nearly 3 percent of GDP. With limited financing options, there was a re-emergence of arrears on external debt.

      On current trends, growth would remain modest, with risks tilted slightly to the downside. Real GDP would grow by 1.9 percent in 2014 and 1.7 percent in 2015, underpinned by the ongoing recovery in North America and the United Kingdom. Although the government has begun to address its fiscal imbalances, arrears would be projected to grow. Increased cash flow problems for the government and unattended banking system problems represent serious downside risks. On the other hand, the possibility of large inflows from the Citizenship by Investment Program (CIP) and foreign direct investments could significantly improve the outlook. However, these would not obviate the need for important policy adjustments.

      Executive Board Assessment1

      Executive Directors noted that macroeconomic and financial conditions in Antigua and Barbuda remain challenging. While a modest recovery continues, long standing problems in the fiscal and banking sectors remain unresolved, including unsustainable public debt, persistent large financing gaps, and high non performing loans and the delay in bank resolution. Directors underscored the need for decisive action to restore fiscal and debt sustainability as a matter of priority. They also emphasized the importance of achieving macroeconomic and financial stability to underpin stronger growth.

      Directors noted the urgency of addressing the cash flow problem. They encouraged the authorities to adopt a comprehensive medium term fiscal consolidation program beginning with the upcoming 2015 budget. While welcoming the measures recently taken, they considered that, given limited financing options, additional measures would be required on the revenue side to improve tax collection and administration, and reduce tax incentives while enhancing regional collaboration to avoid tax competition. They also recommended measures to reduce the wage bill, and cut transfers to state owned enterprises and improve their financial performance and oversight more broadly.

      Directors stressed that fiscal efforts should continue over the medium term to reform public financial management and strengthen the cash management system. They saw the benefits of a strong fiscal framework, including a fiscal rule prioritizing the reduction of debt to sustainable levels. In this context, Directors recommended using revenues from the CIP to first pay off arrears and reduce debt, while adhering to the highest level of transparency and governance in the administration of the CIP.

      Directors welcomed the authorities’ intention to expedite the resolution of Antigua and Barbuda Investment Bank. It would be important to ensure that resources are available to fund the resolution while safeguarding fiscal sustainability. Directors looked forward to progress on the asset quality review and legislative reforms in support of the ECCU regional bank resolution strategy.

      Directors agreed that boosting growth and employment continues to be a high priority. They advised that the focus be placed on improving cost competitiveness and the investment climate. In this regard, they saw a need for reforms of the energy sector, including the state owned utility company, aimed at reducing energy costs and improving efficiency. Lower labor costs and deeper regional collaboration, particularly on labor market issues, would also help enhance productivity.

      Directors welcomed the new government’s swift action to settle arrears and commitment to remain current with its obligations to the Fund. Noting the high risk of debt distress, they encouraged the authorities to explore available financing and debt management options.

      • Now this is what the ALP left the UPP in 2004.

        Wicked Set A People

        Now in 2022 the same wicked people, the old renegades with over 800 million every year since 2015 – 2021 collect in tax revenues, over 2 billion in CIP revenues, US$ 66 million in cease offshore monies these wicked people still went and borrowed over 2.5 billion, 94 loans in eight years, the latest was a 540 million in July 2021 and now talking about another 540 million for the election. The question I would love to ask the top dawg and his old renegades. WAY THE MONEY GORN? What is happening the top dawg is borrowing us out of debt as he promised his stupid supporters he will do. I am so sorry I had to repeat that crap.

        On November 24, 2004, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Antigua and Barbuda.

        Executive Directors welcomed the new administration’s resolve to address Antigua and Barbuda’s deep-rooted problems head-on and its openness in discussing difficult issues. Fiscal mismanagement and deterioration of institutions over the past two decades have resulted in a large buildup of public debt and of domestic and external payments arrears.

        Directors urged the new administration to adopt a medium-term economic strategy aimed at fiscal consolidation, raising economic growth rates by creating an enabling environment for the private sector to flourish, and rebuilding institutions to support the fiscal and growth objectives.

        Directors called for a large upfront fiscal adjustment as a key step in regaining fiscal balance and clearing arrears. This would involve increasing revenue through strengthened tax policy and administration, including a reduction of tax exemptions and the reintroduction of a personal income tax. Directors urged a comprehensive public sector reform to reduce expenditure—including through reduction of the very high level of public sector employment—and to enhance the efficiency of government service provision. This should be accompanied by the introduction of an appropriate safety net.

        Directors emphasized that re-building institutions is crucial for implementing and sustaining the reform effort, and ultimately for achieving the authorities’ growth and fiscal objectives. They recommended putting in place an effective and transparent system of cash and commitment expenditure management, introducing incentives in the civil service to reward good performers, and reforming the two-tier system of public sector employment. They also recommended that steps be taken to enhance public accountability, transparency, and governance, including: closer monitoring of public enterprises, routine auditing of all government accounts, improving customs and tax administration, and introducing a system of effective penalties for noncompliance with tax laws.

        Directors encouraged the authorities to take steps to enable Antigua and Barbuda to achieve its high-growth potential. While welcoming the authorities’ plan to establish a one-stop window aimed at streamlining bureaucratic procedures for new business initiatives, Directors recommended leveling the playing field for foreign and local investors, limiting the role of the public sector to providing basic public goods and services that are complementary to private sector activities, and enhancing efficiency in public utilities. Directors encouraged the government to take a lead role in supporting and engaging in regional initiatives, such as the Caribbean Single Market Economy, which would provide new opportunities for growth.

        Directors were encouraged by the continuing progress in strengthening the regulation and supervision of the offshore financial sector. Directors also encouraged the authorities to continue to work closely with the Eastern Caribbean Central Bank to further strengthen the supervision of domestic banks, including by approving and implementing the amendments to the Uniform Banking Act, and to ensure an appropriate level of supervision for nonbank financial institutions.

        Directors noted the urgent need to strengthen the quality and coverage of the statistical database in the areas of the national accounts—especially the tourism sector and related services—labor market developments, the public debt, and monitoring the outcomes of the broader public sector. They also saw room for greater regional collaboration on data issues. They encouraged the authorities to enhance reporting under the GDDS, and to seek technical assistance through CARTAC and other donors.

        Directors expressed concern about the high level of vulnerabilities facing Antigua and Barbuda in light of the frequency of natural disasters, the high debt, and the openness of the economy. They encouraged the authorities to formulate a contingency plan to respond to shocks, and to continue with efforts to reduce financial sector vulnerabilities and mitigate the impact of natural disasters.

        • @Knight.. -Let me help you: The alias tenman comes from the fact that my wife’s short name is ten (Tennesia) and I am her man. I am not like Denzil Douglas (former PM of SKN) who likes to joke he is like ten men.

        • @KNIGHT IN SHINING ARMOR

          All that LIES you have been spewing on your program show much you are a UPP PUPPET. KNIGHT you are an ARSE. Stop singing for your supper…You never get that SENATOR Seat. UPP will never win election.

          • Here’s another ABLP generational supporter who just cannot string two sentences together:

            “… you are a UPP PUPPET. KNIGHT you are an ARSE. Stop singing for your supper …”

            NEED I SAY MORE? WOW! JIM B, JUST WOW!!!

            No wonder Gaston Browne can rely on them to put him back in office … 😳

  4. It is good that UPP is doing the prep work before being elected. I’m sure that they can re-engage with a few of the failed investments and reactivate discussions. After all it is clear, no investor wants to deal with Gaston’s dogish ways in the boardroom. Despicable, rude man.

  5. It appears to have been a successful event.

    The venue looks amazing, the pic- ture depicts a serious Government in waiting .
    Dear Sirs.
    Keep shining the Light on Antigua and Barbuda inside and out of Antigua and Barbuda.

    Congratulations to the Organizing Committe who spearheaded the event.

  6. WHAT the HELL is this…….According to Tanny Rose…They attend a Lodge meeting. This is a FAKE. Where is the AUDIENCE ? Sheffield Bowen is sleeping. BIG. BIG FAILURE. This a FAILED Road show by the UPP. ABLP. 17 SEATS…… UPP 0 SEAT.

    • @ JIM B
      LOL, LOL, LOL, JUST SHAME AND EMBARASSMENT BECAUSE OF THE ABLP’s 26 FAILED PROJECTS.

      WHO YOU THINK PEOPLE WILL BELIEVE, 26 – 0 TO ALL THE ACCOMPLISHMENTS IN THE UPP’s RECORD OF RESULTS, EVEN YOUR EMERITUS LEADER LESTER BIRD COMPLAINED ABOUT ALL THE FAKE GROUND BREAKINGS.
      FAKE THAT😕☹️🙁, USEFUL IDIOT

  7. UPP stop embarrassing yourself. Why post this photo ? Very embarrassing.
    The following is from the post recent polling. Nothing change from previous pollings .I haven’t been posting for the past few weeks postings because We have been doing DOOR TO DOOR POLLING in all constituencies. The following are the results.

    ABLP. will win all 17 SEATS.

    UPP. 00 SEAT ( 10 Candidates wii lose deposits )

    DNA. 00 SEAT ( All Candidates will lose deposits )

    Barbuda. 00 SEAT

    TOTAL LANDSLIDE VICTORY FOR ABLP.

    • Well if you say so Eric (THE CONFUSED) it must be so … can you publish your results or send everyone the link so we can all look at them. Thanks!

      Looking forward boss … 👍

  8. Jim B, shut the hell up.

    Oh I guess you took the attendance, Jim B the gate keeper.

    Get your math. right ✅️.

    Jim B hit the road , do not come back no more. You are the Biggest Loser.
    Bye!!

  9. Phuck the labourites Tenman, Cournell Hughes et al! Their intention is steal ideas. COG COG COG
    Remember UPP engaged and hrejected YIDA before ALP picked them up for the sole purpose of fooling the people and financing their 2014 and 2018 election campaigns.
    Well, They 🐕 🐶 are sniffing again 🙄

    • To BRIXTONIAN and All UPP FOOLS.

      Tell your so called Criminal elements for UPP Candidates to learn how to present Themselves in public. Did the UPP Supporters hear how Al TRIPLE AAAA K from POINTE FM destroyed FRANZ , DAMANI TABOR , D .GISEL ISAAC and Others on His program a couple days ago ? Al ( POINTE FM ) exposed all LIES between FRANZ and D.GISELE ISAAC. I hope AL will cut that segment and post on SOCIAL MEDIA. Franz said that His education reform is CATASTROPHIC. What a SHAME . Awaiting to hear from BRIXTONIAN and the other UPP FOOLS.

      • I see that clarity, diction and education isn’t your strong point JIM B.

        Try eplaining again what you are trying to say, so that even your own ABLP supporters can understand you … come on JIM you can do it 🤣🤣🤣

        • @ BRIXTONIAN
          ERIC ( THE RED ) You.touched BRIXTONIAN CORN. He foot a bun He. Eric I shall publish your polling throughout the WORLD. Great job Eric.

          • @ SIM AND ERIC , if the ABLP IS SO CONFIDENT WHY NOT CALL THE RIGHT NOW! WHY THE PM HAVE TO GET THE “BRIBE” THE PEOPLE WITH ELECRICITY ARREARS WIPE OFF.

          • @ SIM, is that the best you can say? Mi haffi laugh … you generational ABLP guys are hilarious 😂

  10. Tenman, Cornell Hughes, labourites et al:
    how do you explain to the youths today: that they will be responsible for the repayment of 94 loans totalling over 2.5 billion dollars plus interests that the Gaston Browne administration borrowed. Lawd around nah got none conscience? Imagine a government taking out a loan every 3 weeks, raked in over 800 million dollars in tax revenues annually, collected billions from CIP. A WEY THE $$$$$ gone?

    ANTIGUA AND BARBUDA PEOPLE CANNOT CANNOT CANNOT CANNOT CANNOT BE SO CHUPIT TO VOTE ALP AGAIN. MI BELLY

    People have them hands in the $$$$-PAN.

  11. Tenman, labourites et al:
    how do you explain to the youths today: that they will be responsible for the repayment of 94 loans totalling over 2.5 billion dollars plus interests that the Gaston Browne administration borrowed. Lawd, aryu nah got none conscience? Imagine a government taking out a loan every 3 weeks, raked in over 800 million dollars in tax revenues annually, collected billions from CIP. A WEY THE $$$$$ gone?

    ANTIGUA AND BARBUDA PEOPLE CANNOT CANNOT CANNOT CANNOT CANNOT BE SO CHUPIT TO VOTE ALP AGAIN. MI BELLY

    People have them hands in the $$$$-PAN.

    • @ Me head.. stop with the untruths, CIP has not even collected one billion. Its around 100 million ec a year for the past 7 years. I find it amazing your mention of some 2.5 million under the ABLP in 9 years (its untrue in terms of that being new money). The breakdown of debts and where they were initiated can be found in the Budget estimates. When this government came to office, our national debt stood at some 3.5 billion, about 104% of GDP. We managed to move it down to 59% of GDP before covid. Public debt at Oct 2020 stood at 3,340,156,699. In the said documents you can see listed any debt, old and new. You can find this info by googling antigua budget estimates. Try and do your own research and stop regurgitating ignorance

      • Who should I believe the useful idiot Ten men or the head of the CIU? Who said the CIP yield 1 billion from 2013 – 2017 we are in 2022 now Ten men.

        Effect on the Economy

         Posted by Evangeline Allen on Oct 04, 2017

        Mrs. Charmaine Quinland-Donovan, Manager of Certificate Investment Program (CIP).

        The Citizenship by Investment Programme (CIP) was birthed by the necessity to find viable alternatives to bolster the economy of Antigua and Barbuda having been affected by plummeting fiscal revenues.  This was brought on by the economic decline resulting from the global financial crisis where Antiguans and Barbudans had to deal with the fall-out from the likes of CLICO and BAICO. 
         Accordingly, the Citizenship by Investment Act came into force in April 2013 and the Citizenship by Investment Unit (CIU) was set up a few months later in August 2013 to administer this Act. 

        The Unit is staffed by a team of 16 highly competent and professional individuals hailing mainly from the private sector.  
        Individuals who are desirous of making an investment under the Programme may apply under 3 options.  These are; the NDF, Real Estate and Business Investment options. The NDF option provides the successful applicant with the opportunity to obtain citizenship by making a one-time contribution to the fund of US$200,000 for an application of up to a family of 4 and US$250,000 for more than 4 family members.   The Real Estate Investment option requires a minimum investment of USD$400,000 in an approved project and the Business Investment option allows for a single applicant to invest USD$1.5M and two or more investors to invest USD$5M, provided that each makes a minimum contribution of USD$400,000. 
        Applications can only be submitted to the Unit through a Licensed Agent. A Licensed Agent by law can only be one who is a citizen of Antigua and Barbuda; and was lawfully resident in Antigua and Barbuda for a period of not less than (7) years immediately before his application.  He or she is required to maintain a place of business in Antigua and Barbuda. The Licensed Agent however, should not be confused with an Authorized Representative who is a marketing agent of the Programme and can be located in or be a national of any eligible country.

        These eligible countries refer to any country not indicated in the restricted countries list; Afghanistan, Iran, Iraq, North Korea, Somalia, Yemen and Sudan. 

        The Unit’s vetting process goes above and beyond the normal global best practices. Our extensive due diligence process is multi-tiered and involves searches in the global sanctions and embargo lists, alerts and watch lists issued by financial regulators, law enforcement and other governmental agencies from around the world. These lists contain the profiles of high risk and “potentially” high risk individuals and entities, Politically Exposed Persons (PEPs) and their relatives and close associates, high-profile criminals and blacklisted entities. Also included are individuals and entities appearing on lists such as the World Bank Ineligible Firms List, Office of the Comptroller of the Currency and the Office of Foreign Assets Control (OFAC). We utilize private due diligence firms with boots on the ground in the territories where applicants originate or are affiliated with. The vetting process involves feedback from regional and international law enforcement and intelligence agencies.

        As a direct result of the funds acquired from these investments, more than  EC $1 Billion across all investment options has been yielded.
        The earnings of the Programme have been utilized to service the International Monetary Fund (IMF) loan; meet monthly Social Security and pension shortfalls; support the Solid Waste cleanup programme; contribute to the  project to provide affordable homes for Antiguans and Barbudans; support the Barbuda Council in meeting its expenses; aiding the Ministry of Social Transformation, particularly persons who would have lost their homes & personal effects to fire;  the Ministry of Health (the Cancer Center) and the Ministry of Culture (Carnival).

        • @Knight, they say reading is fundamental. Let me quote her:
          “As a direct result of the funds acquired from these investments, more than EC $1 Billion across all investment options has been yielded.”

          She is not saying the CIP unit in terms of net income has received EC 1 Billion. She is speaking in terms of revenue for all involved eg Agents. service providers and such. Government revenues from CIP (which is what the poster claimed was over 2.5 billion) in 123 in 2021, 2020 was 115.7 million EC in 2020, 2019 98 million ec, 2018: 59 2017: 64, 2016: 117, 2015: 68.1 (see https://www.imidaily.com/intelligence/antigua-barbuda-cbi-applications-up-36-in-2021-govt-revenue-reaches-us46m/ . Guy try and growup, you are too old to be acting so childish

  12. Promise is a comfort to a fool. Do you all remember all those investors they had promised us in 2004? We were told they were 25 nautical miles west of Antigua ready to row in. In 2018 girls rowed from Europe to Antigua and they reach here before those UPP investors. Careful with these promises from dem #UPPNEARGA

  13. @ Just Saying. So tell us about the promise by the ABLP PROMISES like 500 houses in 500 days,
    Why are you so silent
    Tell us about the water flowing through the pipes in 14 days after election in 2014?
    WEREN’T those unfulfilled ABLP PROMISES.
    What happen, you have nothing to say

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