The Cayman Turtle Centre, the statutory authority in West Bay has confirmed it is now free of all long-term debt. Between 2004 and 2009, the Centre borrowed just over 50 million dollars from Cayman National Bank and First Caribbean International Bank, this was after it was destroyed by hurricane Ivan. The Government has supported the Turtle Centre since then with quarterly equity injection payments in order to repay the debt and assist with operational costs.
“I am thankful for our board of directors, our management team and our staff who, year after year have dedicated their time and their energy in fulfilling our mission, and being free of debt means that in effect, the support that we get from the government can directly focus on our mission,” said Mr. Tim Adam.
Mr. Adam said with the debt paid off, the Turtle Centre can now focus on improving the operations of the business. The Government allocated 8.5 million dollars last year and 9.5 million dollars this year towards the Turtle Centre.