by Virgil Leonty
Prime Minister Philip J. Pierre will soon provide an account on the use of funds generated by the Citizenship by Investment Programme (CIP).
The Minister for Tourism, Investment, Creative Industries, Culture and Information, Dr. Ernest Hilaire, speaking recently at a press briefing, stated that the country is entering a new phase with the use of CIP finances, and that Prime Minister Pierre will soon outline the local projects to be funded by the CIP.
Dr. Hilaire went on to explain some of the current uses.
“Money that goes into the National Economic Fund and monies that are generated as excess capital from the operating accounts of the CIP have been used largely for national security reasons, to provide support to marginalized groups, and for debt relief. This government has not been going to Parliament to borrow every Tuesday as used to be the case before, and we’ve mounted a lot of debt in the last few years. So the economic fund has been used to some extent to provide that buffer for Government as it relates to our national debt management as well as support for marginalized groups and national security purposes.
He continued: “We are about to enter new phase with the CIP where the resources that we have been able to save will now go into specific projects, but I will leave it to the Prime Minister to announce these national infrastructure projects.”
The Citizenship by Investment Program was launched in 2015. The primary objective was to attract hotel investors. Dr. Hilaire believes this is no longer necessary. He cites Saint Lucia as having one of the best regulated CIPs, which government is moving to strengthen even further.
SOURCE: Government Information Service