Premier Alden McLaughlin told Cayman 27 it’s more important to make sure the cruise berthing facility is done right, rather than rushing to start work on it before the election.
In October 2015, Mr. McLaughlin announced government was moving ahead with the port project, but it slowed after objections to the potential environmental impacts. Last month, government admitted work on the facility would not begin until after the May election.
“We have to have a financing model which essentially guarantees the repayment of the cost of building the port, and that necessarily involves insuring that the cruise lines are committed to come to Cayman with as minimum throughput of passengers over at least the life of the loan, the length of time it will take us to repay the loan,” said Mr. McLaughlin.
The price tag for the project could reach $200 million now that government has decided to move the piers into deeper water to minimise dredging concerns.
Government is still awaiting the legal and financial structure contract to be awarded.