Swedish developer resubmits rejected project

Swedish developer Zublin is making another try at approval for a multimillion-dollar tourism development project rejected by the Grenada government last year.

The developer said the project, which includes a new cruise ship jetty, a four-star city hotel and tourism entertainment, has now been revised to address financing concerns raised by Finance Minister Nazim Burke.

Burke had said the Tillman Thomas government was unable to come up with its more than EC$100 million (US$37 million) share of the financing for public private sector project.

The development is valued at EC$450 million (US$166 million).

Enhanced attractiveness

Zublin now says it has already raised EC$80 million (US$29.6 million) needed to fund the first phase which includes major public works in the capital town to enhance the attractiveness of Grenada as a tourist destination.

"We have not seen the proposal. It has not been submitted to us as government yet, but I understand that there is a proposal coming," said Prime Minister Thomas.

"If they submitted a proposal we are going to look into it."

Under the new proposal, the company has recommended that the project be phased and that each phase be only undertaken after careful analysis of financial viability.

"You cannot go on for much longer with parts of the town developed and other parts not developed .You have got to try and spread that development as far as possible knowing that development will spread through all sectors of Grenada," said Zublin's public relations officer, Barry Collymore.

"So my view on that is that we have got to get some investment going in the town both local and foreign."

The project has been a source of controversy between the Thomas administration and Zublin, amid a raging public debate over the company's request to include casino gambling.

Thomas, who has publicly stated his objection to casino gambling, said last year that the public part of the St George's Rennaisance Project was weak.

Zublin withdrew its proposal late year and in a strongly worded letter to the government said it was no longer interested in investing in Grenada.

Zublin, which currently runs a cruise ship terminal and duty free shopping mall in the capital, says the new project would create 4,000 jobs.

- CMC