Securing funding for the proposed Sugar Point Cruise Terminal facility is delaying its construction.
Chairman of Barbados Port Inc. David Harding told the DAILY NATION yesterday that the problem with Sugar Point “is that the cost of money today is very high. When you go to bond holders, the feedback from them is that the cost is going to be high so we have to determine how best to source the funding”.
He said a determination would therefore have to be made as to whether equity partners would be sought for the project with an arrangement to buy out their interest later, or whether the Port Inc. would go the route of securing a straight loan “which will cost an awful amount of money annually to repay”.
He was speaking at the Lloyd Erskine Sandiford Centre shortly after signing a sister port agreement between Barbados Port Inc and Manzanillo International Terminal of Panama. It was part of the third Barbados Network Consultation which ends today.
