Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Cayman Islands Government : Cabinet Approves Action

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/03/2013 | 09:34pm CEST
Cabinet Approves Action

Following Cabinet approval, Government is seeking new proposals for developing a business case for cruise berthing in George Town as a Public Private Partnership (PPP).

The formal Request for Proposals (RFP) for developing a Business Case for the cruise berthing facility is being released today (Friday, 3 May 2013).

Cabinet also approved Government's policy directive issued on 5 March for developing Grand Cayman's cruise berthing as well as improving existing facilities at Spotts Landing. The directive titled Strategic Outline Case for Cruise Berthing in the Cayman Islands is also being released today.

His Excellency the Governor, Mr. Duncan Taylor, CBE, stated, "I am happy to see that a clearly defined and robust procurement process has begun, and that the Government is committed to an open and transparent process in the development of the cruise berthing facility."

Tourism Minister the Hon. Cline Glidden Jr., JP, explained, "The policy is intended to support Government's goal of enabling success in the Islands' tourism industry. Specifically, it addresses obtaining increased representation on cruise ship itineraries for the Cayman Islands, with a view to developing more tourism opportunities for our people."

He continued, "A number of benefits will accrue from the project. The construction and development phase, followed by a fully operational facility will generate additional jobs for our people. More importantly, it will deliver significant economic benefits to the Islands, notably improving public revenue and raising the Gross Domestic Product (GDP) from increased visitor spending."

The Minister noted additional benefits include increased opportunity for the continued sustainability and profitability for the Port Authority of the Cayman Islands.

Ministry of Tourism and Development Chief Officer, Mr. Stran Bodden, JP, explained that the procurement process will follow an open, competitive process in keeping with international best practice and the Public Management and Finance Law. The exact number and size of the piers will be developed in the business case, he said.

A competitive procurement process will identify the project's private sector partner(s) who will be responsible for designing, building and financing the facility. "Operational responsibility will then revert to the Port Authority for strategic reasons," Mr. Bodden noted.

Funding is through PPP in view of Government's inability to seek further borrowings. Key stakeholders include Government, the private sector, cruise lines and the public. Identified options include moving the cargo port. The strategic policy document also notes that a major risk involved is environmental impact from construction.

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news
Date Title
02:10a ENERGY TRANSFER PARTNERS : Bakken pipeline permit yanked over possible sacred burial grounds
02:10a REPUBLIC AIRWAYS HOLDINGS INC. : and United Airlines Reach Comprehensive Agreement on a Long-Term Commercial Relationship
02:06a AMAX :
02:01a ROUGHRIDER EXPLORATION : Acquires New Claims at Genesis; Withdraws Private Placement
02:01a ZAMBIA : World Bank $20 Million Supports Former Refugees Integration
01:59a CERNER : touts $1.2 billion in local economic impact, says it expects to employ 25,000 in area
01:52a AVCORP : announces election of directors
01:51a DUNKIN BRANDS : Mayor says Dunkin' Donuts, Jersey Mike's and more coming to Adelanto
01:50a PEAK POSITIONING TECHNOLOGIES INC : Peak Files 2016 First Quarter Results and Operating Highlights
01:49a Khang & Khang LLP Announces the Filing of a Securities Class Action Lawsuit against Express Scripts Holding Company and Encourages Investors with Losses to Contact the Firm
Latest news
Advertisement
Hot News 
BOXHILL TECHNOLOGIES : Swings To Profit As Shares Resume Trading (ALLISS)
MAY 31 DEADLINE ALERT : GPM Reminds Investors of the Looming Deadline in the Class Action Lawsuit Against DS Healthcare Group, Inc.
PURICORE : To Stop Selling ProduceFresh Until Registered As Pesticide
DGAP-ADHOC : DO Deutsche Office AG: The Executive Board and the Supervisory Board set
UBISENSE : Notice of AGM
Most Read News
06:20p U S DEPARTMENT OF DEFENSE : Contracts For May 27, 2016
06:10p VERIZON COMMUNICATIONS : unions reach settlement in principle to end strike
06:55p GOLDEN ARROW RESOURCES : Files NI 43-101 Technical Report for Chinchillas Silver Project Mineral Resource Estimate
06:01p NATUZZI : Margins Continue to Improve
07:52p AVCORP : announces election of directors
Most recommended articles
07:40p Aussie Dollar Selling May Continue as RBA vs. Fed Outlooks Diverge
07:15p USD/CAD Risks Further Losses on Upbeat Canada GDP, Slowing U.S. NFP
07:15p Gold Prices in Free Fall- Shorts at Risk into NFP
07:10p Japanese Yen Likely to Hit Further Lows Unless Key Data Disappoints
05:56pDJPHILIPPE DAUMAN : Judge Grants Request by Viacom Chairman, Board Member for Hearing Over Ouster From Trust