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.