The government has approved a new public-private partnership to develop a beachfront hotel at Yepton’s, committing up to EC$40 million alongside private investors in what officials describe as a new model aimed at increasing local ownership in Antigua and Barbuda’s tourism industry.
Director General of Communications Maurice Merchant announced the decision during Thursday’s post-Cabinet media briefing, saying the development will be built on approximately 15 acres of beachfront land at Yepton’s.
Merchant said the government, together with selected state-owned enterprises and statutory corporations, will invest up to EC$40 million in the project, while local private investors will provide additional financing.
He disclosed that one local investor has already committed EC$20 million, describing it as a strong vote of confidence in the country’s tourism sector. Additional funding will also come through the Citizenship by Investment Programme, which the government continues to use to finance strategic national development projects.
“The Cabinet emphasized that increasing local ownership and participation in the tourism industry remains a key policy objective of the government of Antigua and Barbuda,” Merchant said.
He noted that while tourism remains the country’s largest economic sector, the government wants a greater share of the wealth generated by the industry to remain in the domestic economy and benefit Antiguans and Barbudans directly.
Merchant said the project is intended to create investment opportunities for local entrepreneurs, professionals, pension funds, statutory corporations and other domestic stakeholders while generating employment during both construction and operation.
Responding to questions after the briefing, Merchant confirmed that investments made by state-owned enterprises and statutory corporations would become assets of those entities, similar to previous government-backed tourism investments.
He also clarified that the EC$40 million represents only the government’s contribution and that the hotel will be financed through a combination of public investment, private capital and Citizenship by Investment funding.
Merchant linked the Yepton’s initiative to Cabinet’s broader strategy of encouraging greater local participation in tourism development. He noted that similar public-private investment opportunities have already been announced for beachfront lands at Shell Beach and Fort James, with the aim of building nationally owned tourism assets capable of generating long-term economic returns.
This article was originally published by Antigua News Room. Read the original article here: Government Backs EC$40 Million Public-Private Hotel Project at Yepton’s.