BASSETERRE, St. Kitts, November 2, 2018 (Press Unit in the Office of the Prime Minister) – The Eastern Caribbean Central Bank (ECCB) has expressed optimism for the future outlook of the Federation’s economy. This positive outlook is driven by the ongoing work on a host of public sector capital projects in St. Kitts and Nevis coupled with the undertaking of several private sector developments.
In its June 2018 Economic and Financial Review, the ECCB noted that, “Real sector prospects in St. Kitts and Nevis will be fuelled by developments in the construction sector, particularly in public sector activity, supported by ongoing investments in resort development in the private sector.”
The ECCB report stated that, “Major infrastructural projects in St. Kitts include intensified work on the second cruise pier, the resurfacing of the island main road, the construction of the East Line Bus Terminal, the resurfacing of the airport runway and taxiway ($35.0m) and the completion of the National Heroes Park (US$2.0m).”
On the island of Nevis, the financial institution pointed out that work will advance on the new Treasury building, the new water taxi pier ($6.0m), the expansion of the Alexander Hospital, the resurfacing of roadways and the CDB [Caribbean Development Bank] funded Water Development Project.
Furthermore, the 2018 ECCB Review noted that construction activity in the private sector in St. Kitts “will be headlined by intensified work on several hospitality projects including; the Sea View Gardens hotel, and the King’s Pavilion Hotel in Basseterre.” The report went on to note that, “Construction activity also continues on the Koi Resort and Residences, which is nearing completion; the T-Loft, Pirates’ Nest Resort to be managed by Radisson and the Ramada branded Heldons Condominium Resorts and Residences.”
The report added that the commencement of work on at least one other high-end luxury resort in the latter half of 2018 could further boost construction activity.
The Eastern Caribbean Central Bank concluded that the Federation of St. Kitts and Nevis is “poised for expansive economic growth, based on existing projects and programmes” and noted that “positive developments will likely raise the profile of the destination and attract further investment.”