SVG signs US$50 million agreement with ROC on Taiwan

NOW THAT THE government has signed a US$50 million agreement with the Export Import (Ex-Im) Bank of the Republic of China on Taiwan, it is expected that ground will be broken at the Mount Wynne/Peters Hope hotel project later this year.

Finance Minister, Camillo Gonsalves signed the agreement on Tuesday at Cabinet Room, in the presence of Prime Minister Ralph Gonsalves, Tawian Ambassador Calvin Ho and several others.

Ho, in brief remarks, said that he is happy to witness the finance minister signing the agreement after working closely together with the government in the past year.

“I do believe this visionary project is very meaningful because it might open a new chapter, start a new phase of the economic development of St Vincent and the Grenadines and also will make this country become one of the most attractive tourist place in the region, together with the opening of the Argyle International Airport,” the ambassador said.

He also said that the Taiwanese embassy will continue to work closely with the Ministry of Finance.

Camillo Gonsalves, the finance minister expressed gratitude to the government of Taiwan and the Ex-Im Bank for their co-operation on the venture.

“We have gone as far as we can go without money and so that is why it is very important now that we have the support of the government and people of Taiwan and the Taiwan Ex-Im Bank on this loan. They have been extremely helpful to us. They’ve been extremely accommodating,” he said. Gonsalves said that the government has settled on architectural firm, TEN Arquitectos, for the design of the 250-room hotel that is to be constructed on the Leeward coast.

He added the designs were “a very exciting concept and design” that will set a particular standard for the hotel tourism product in this country and distinguish SVG from other locations in the region.

The hotel infrastructure includes two restaurants; a main one on the water and another closer to the entrance, three pools, a conference room and other recreational facilities.

And the design shows the hotel nestled into the greenery and natural environment of the area.

The finance minister said that now the loan agreement has been signed, construction of the project could be accelerated.

Gonsalves added that once the lead architect, Enrique Norten, receives detail surveys to adjust his designs, the government will be able to put the project out for tender.

“We hope to break ground on this hotel later this year and we hope it will be a two-year construction process from start to finish. We hope to open this hotel in 2021,” he said. “There are very few entities we feel that can manage work of this size, but we’re gonna put it out to tender and hope we can get an entity with experience both in St Vincent and the Grenadines and in construction in the region to assist us in that construction.”

Although he is not in the position to announce the brand of the hotel, Gonsalves said that it is likely to be one of four: Hilton, Hyatt, Marriott or IHG.

The finance minister also said that negotiations with the brand and management company are “very far advanced”.

“Having done work on the loan, having done the work on the negotiation with the brand and management company, we are now putting the administrative arrangements in place to manage the project going forward and those arrangements are fairly well set at this point and we hope to commence in earnest, now that we have some money in our hand from our brothers in Taiwan to make this product a reality,” he said.

Prime Minister Dr Ralph Gonsalves added his voice to express gratitude to the Republic of China on Taiwan and the Ex-Im Bank for their involvement in the project to increase the room capacity of the country.

He also commended the finance minister, his team in the Ministry of Finance and the team at Invest SVG for the “splendid work” that they have been doing to bring the project to fruition.