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Cruise berthing project: how the financing works

On Friday (30 November), Finance Minister Hon. Roy McTaggart outlined some financing details on the cruise berthing project.

Mr. McTaggart said the project was always something Cayman needed to do… and, now, it was time to get on with the project.

“That has always been the model that we have been following. We were going to have others build it and finance it and we pay them off over 25 years,” Mr. McTaggart said.

He explained that was “so we don’t have to go out and borrow money or we don’t have to use any of the current reserves we have.”

He called it a “win-win situation for us.”

We now wait for the preferred bidder to be selected for the port’s construction. That process is expected to be finalised by early next year.

About the author

Caroline James

Caroline James

Caroline joined Cayman 27 in September 2018 after seven years working for Sky News in London, both as a Producer on the World News programme and, latterly, as News Editor on the Foreign Desk, where she led coverage on the ground of stories as diverse as the 2016 US Election, corruption allegations surrounding FIFA and The Oscars. Before this, she worked as a Producer for Associated Press Television News (APTN) for two years, based in their London headquarters. Caroline graduated with a BA Hons degree in Arabic, French and German from Durham University, before gaining an MA in Television Journalism with distinction at City University, London. When not hunting down stories in Cayman, she can be found playing tennis, practicing Bikram yoga or enjoying a beer on Seven Mile Beach. You can reach Caroline at carolinejames@hurleysmedia.ky or 326-2243.

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