Cruise terminal payments

The previous Government trumpeted long and loud that they had persuaded the Florida Caribbean Cruise Association to pay for the new cruise ship terminal.

The facts as I understand them are that the money for the project was loaned by two local banks and secured by a guarantee from the Cayman Islands Government.

Furthermore, repayments on the loan will come from increased port taxes (already long overdue and far less than airport taxes), to be paid by the cruiseship passengers. I don’t see the FCCA contributing one cent.

What the previous government actually achieved was to guarantee the cruiseship association access to the port for many years to come, on their terms, as otherwise we won’t get our loan repaid!

Roger M. Davies

Comments are closed.