Government signs $100m. tourism development deal

Government signed a US$100 million deal this week for development of the Grenadines island of Isle de Quartre into a first class international resort.

Prime Minister Dr Ralph Gonsalves signed the agreement with Louise Mitchell of the Isle de Quartre Development Company, based in Port Elizabeth Bequia, and owned by the family of former Prime Minister Sir James Mitchell.{{more}}

The Agreement will see a joint group of investors constructing the international resort on the 400 acre island over a twenty-year period costing at least US$100 million.

The project will be done in three phases: the first phase will see the development of infrastructure on the island; the second is construction of a hotel, spa, marina and sporting facility; and the final stage will be the sale of lots.

The development needed to be authorized by Parliament and Prime Minister Gonsalves said that the bill already went before a Select Committee and there was agreement on both sides of the House of Assembly. The bill was scheduled to be debated in Parliament yesterday.

Dr Gonsalves said the commencement of the project, scheduled for January 2007, was “a continuation of the transformation of the economy of St Vincent and the Grenadines from a goods-based one to a service-based one”.

He quickly added that although the tourism sector was developing rapidly, more had to be done in agriculture.

He then disclosed that soon government would be exchanging notes with Japanese officials for the development of a fishing complex in Owia, which he said, would cost over $30 million.

Mitchell extended her gratitude to the Prime Minister and members of the Select Committee for assisting in the process of the realisation of the project.

She said the project would be executed by the investment firm Dexior of Canada.

She said the village of Paget Farm would see economic benefits from the projects as the company sets about improving the infrastructure of the Grenadine isle of Bequia. Isle de Quatre is located southeast of Paget Farm. The island has been in the Mitchell family for over 100 years.