By
Rebecca Gibson |
FirstCaribbean International Bank is to fund the British Virgin Islands Ports Authority’s (BVIPA) US$35 million cruise pier expansion project.
Members of the public can also invest in the special purpose vehicle (SPV), which has been designed to help them invest in the new cruise terminal developments.
The SPV offer is categorised by Class A Preference Shares (to be redeemed after seven years), Class B (to be redeemed after ten years) and Class C (to be redeemed after 15 years). The different classes of shares will offer annual dividends or returns of 5.75%, 6.75% and 8.45% respectively.
As part of the project, BVIPA will extend, strengthen and widen the existing cruise pier and construct a boardwalk. In addition, the company will develop the excursion dock facility, carry out dredging and land reclamation operations and construct a five-acre complex featuring commercial, retail, entertainment and green spaces.
“People would have already seen the fencing, the new staging area for taxis and some demolition works on the landside,” said Claude Skelton-Cline, managing director of the BVIPA. “On the marine side, they’re mobilising and stockpiling the armour stone and general site setup. By mid August, cranes and other machinery will be fully in place.”