BARBADIANS SHOULD KNOW, possibly by the end of this week, if the National Insurance Scheme (NIS) will invest in the stalled Four Seasons Hotel and Resort project.
This was hinted at yesterday by Minister of Finance Chris Sinckler, who said the Scheme’s investment committee was to meet and give its decision to the board soon.
“My understanding is that the investment committee is to meet shortly – they had required additional information – and that they should have their decision go to the board by the end of this week,” he told the DAILY NATION at the Financial Services Commission’s headquarters yesterday morning.
He said Minister of Labour and Social Security,
Dr Esther Byer Suckoo, was working with the NIS and “they should very shortly give us an indication of what their favour is in relation to that project”.
Four Seasons is in need of $270 million for completion, with $180 million coming from the Inter-American Development Bank and Trinidad’s Merchant Bank. The sum of $50 million is being sought from the NIS and the remainder from various investors. (RJ)
