NIS funds going to build hotel

(FP)

By Geralyn Edward | Thu, February 02, 2012 - 12:06 AM

Every cent of the $60 million to be invested by the National Insurance Scheme (NIS) in the Four Seasons project will be used to construct the luxury hotel.

Furthermore, Professor Avinash Persaud, who is heading efforts to restart the stalled project, insisted that Barbados’ debt to gross domestic product (GDP) would not be affected in any way by the NIS investment in the hotel and villa project.

Persaud made these statements on state-owned Caribbean Broadcasting Corporation yesterday as he responded to public concerns about Government’s involvement in the West Coast entity.

“The NIS money – the bond, will be going to building the Four Seasons hotel,” he stressed.

Read the full story in today's DAILY NATION.

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Posted by Mel B 3 months, 3 weeks ago: It is amazing every time I read anything about this I get so upset….we paying more for NIS now from the same salary and we not seeing any benefits all that is being heard is excuses and promises ....further more all that money gone in foolishness and now I hearing of the Government needs 4 million dollars actually it is 16 million to build the St John polyclinic. We Bajans got alot of money because all I am hearing is plans to spend money I ain’t hearing how we gaining I ain’t hearing how we benefiting….I mean really when jumping on the band wagon of investing in a project that until has not gotten off the ground takes lead over building a proper clinic for our people i have to wonder what the hell is going on with the powers that be.

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Posted by Pan Wallie 3 months, 3 weeks ago: I still think this will turn out to be a bad investment on the part of NIS. Too many hiccups to date and if you start wrong…......