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BASSETERRE, St. Kitts: The St. Kitts-Nevis government says it has approved three projects that will pump an estimated EC$115 million (One EC dollar=US$0.37 cents) into the local economy.
“In response to the need to provide ongoing support for activities that will assist the growth prospects of the local economy, and in reflecting upon the growth challenges which have flowed out of the global economic recession, Cabinet approved the three significant investment projects which are intended to boost the construction and tourism sectors,” Information Minister Nigel Carty said.
Speaking to reporters after the weekly Cabinet meeting, Carty said that the projects over a five to seven year period would provide hundreds of jobs for builders, tradesmen and services providers.
“In addition to the jobs created in the development phases of the projects, long-term job prospects for our citizens will be enhanced,” he said, adding one of the projects is a student complex with forty-six apartments, student centre and overnight guest facilities in to respond to the expected increase in demand for student accommodation on St. Kitts.
The second project is a 62-lot residential development initiative involving the construction of 20 cottages, 120 condominium units while the third approved project is for the creation of a bowling alley with a number of service centres such as restaurants, arcades and shops.
Earlier this week, the Washington-based International Monetary Fund (IMF), which praised the Denzil Douglas administration’s “home grown” finance reform programme, said it would provide US$4.8 million dollars to the twin island federation following the successful review of the economic performance under a programme supported by a 36-month Stand-by Arrangement (SBA).