St. Christopher Air and Sea Ports Authority (SCASPA) Bond
|Location||Basseterre, St. Kitts|
|Amount Funded||EC $10,000,000.01|
As the economy transited from agriculture to services, cross border trade became more important, and the St Christopher Air and Sea Ports Authority (SCASPA) needed to increase the capacity and efficiency of the air and sea ports. SCASPA required capital to undertake the operational and structural changes that were necessary to ensure an efficient, safe, secure and modern port service. Moreover, it was important that SCASPA re-branded itself to enhance the attractiveness of the destination.
SCASPA issued a private Bond of EC$10.0 million at an interest rate of 6% per annum for a period of 10 years. The nature of the bond provides for interest payments only for the life of the bond, with one bullet principal payment of $10.0 million at the end of the 10 year period.
SCASPA solicited the support of the Sugar Industry Diversification Foundation (SDIF) in implementing those changes. In keeping with SDIF’s investment priorities, the Foundation took up the $10.0million Bond on the terms offered.
Economic and Social Benefits
- Generates repeat visitors
- Increases tourism receipts and foreign exchange earnings
- Creates employment