Government Secures Nearly EC $25 Million for Public Institutions through Christophe Harbour Sale

The government of St. Kitts and Nevis, under the leadership of Prime Minister Dr. Terrance Drew, has finalized a landmark agreement involving the sale of the marina assets and operations at Christophe Harbour to Safe Harbor Marinas, LLC. This transaction represents a significant turning point for the nation, injecting nearly EC $25 million in direct payments into vital public institutions. The Prime Minister emphasized the strategic nature of this sale, highlighting its role in rectifying years of mismanagement inherited from previous administrations and generating tangible benefits for the citizens of the Federation. This infusion of funds signifies a commitment to restoring financial stability and strengthening the nation’s key institutions.

The direct payments secured from this transaction address a series of long-standing debts accumulated by previous governments. Specifically, EC $4,528,523 has been allocated to the Social Security Board, ensuring the stability and security of the nation’s social safety net. A payment of EC $2,406,077 has been made to SKELEC, the national electricity provider, bolstering its ability to provide reliable power services to the population. Furthermore, the Sugar Industry Diversification Fund (SIDF), a crucial fund aimed at diversifying the economy away from its historical dependence on sugar production, has received EC $5,703,600. The National Bank Trust and the National Bank have also benefited significantly, receiving payments of EC $2,796,032 and EC $2,716,000, respectively. This injection of funds strengthens these key financial institutions and supports their role in driving economic growth and development.

Addressing historical financial obligations, the government has allocated EC $2,987,600 towards outstanding property tax arrears, ensuring compliance with tax regulations and promoting fiscal responsibility. Additionally, a payment of EC $3,612,280 in stamp duties has been made, further contributing to the government’s revenue stream. Prime Minister Drew underscored the significance of these payments in resolving long-lingering debts, fostering transparency, and bringing much-needed closure to outstanding financial matters. This demonstrates the government’s commitment to sound financial management and its dedication to restoring public trust.

Beyond the immediate financial benefits of settling outstanding debts, the sale agreement includes provisions for significant future investments in the marina’s development. Safe Harbor Marinas, the world’s largest marina owner and operator with a portfolio exceeding 135 facilities globally, will expand the Christophe Harbour Marina by 40%. This expansion will significantly enhance the marina’s capacity and its ability to attract high-end yachting tourism. Furthermore, Safe Harbor Marinas will construct a new desalination plant, addressing the island’s water resource needs and supporting its sustainable development goals. These investments, slated for completion by November 2025, are poised to transform St. Kitts into a premier yachting destination in the Caribbean, boosting tourism and creating new economic opportunities.

The government’s strategic partnership with Safe Harbor Marinas underscores its commitment to attracting foreign investment and leveraging international expertise to drive economic growth. The marina’s expansion and the construction of the desalination plant are not merely infrastructure projects; they represent a strategic vision for the future of St. Kitts and Nevis. These initiatives will not only enhance the island’s attractiveness as a tourist destination but also contribute to its long-term sustainability and resilience. The desalination plant, in particular, will be a crucial asset in ensuring water security for the island nation, particularly in the face of climate change and its potential impact on water resources.

Prime Minister Drew characterized the Christophe Harbour transformation as a new chapter for the island, solidifying its position as a vibrant investment hub. This move aligns with the government’s broader vision of achieving sustainable island state status, prioritizing economic diversification, environmental responsibility, and social progress. The Prime Minister emphasized the guiding principles of transparency, integrity, and a people-centered approach to development, reaffirming the government’s commitment to serving the best interests of the citizens of St. Kitts and Nevis. The sale of the marina and the subsequent investments represent a significant step towards achieving these goals, paving the way for a more prosperous and sustainable future.