S&P eyes on Four Seasons project
As Bajans debate the wisdom of the National Insurance Scheme investing in the Four Seasons hotel and resort project, Standard & Poor’s says it would be good economically for the country.
“We are keeping our eye on the Four Seasons project,” Olga Kalinina, S&P director of the Sovereign Ratings Group told THE WEEKEND?NATION in an interview.
“The project, when it starts, will obviously generate employment, which given the high unemployment rate would be a very helpful factor and event for Barbados. It may boost confidence in the private sector of the country,” Kalinina said.
The Four Seasons resort embraces a 110-room hotel and a larger, but so far partially constructed, set of private villas with a total price tag of US$137 million.
The international financial crisis and the global economic meltdown forced a halt to the construction and efforts have been underway ever since 2009 to kick-start it.
The Inter-American Development Bank (IDB) has expressed an interest in providing US$52 million loan to the promoters of the hotel and resort with US$30 million coming from other sources.
Read the full story in today’s WEEKEND NATION.