Semi-Annual Bond on behalf of Government to Cover Pre-financed Projects

Minister of Finance Honourable Hiro Shigemoto says that the Naf.26 million semi-annual bond offered by the Central Bank of Curacao and Sint Maarten (CBCS) will go towards paying the remaining balance for pre-financed projects carried out by Windward Roads and MNO Vervat over the years.


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The projects entailed beautification of different areas of the island as well as infrastructure improvements which are essential for the national development of the country.

The bond covers investments made in the Simpson Bay Fish Market, Back Street Phase 1 and 2, Festival Village Phase 1 and 2, St. Peters Community Infrastructure Rehabilitation and ROB road repairs.

The bond initiative is part of the Governments financial restructuring planning efforts. Current interest paid by the Government ranges from six to six and a half per cent and the interest on the five-year bond at the moment is one and a half per cent.

The Financial Supervisory Commission for Curacao and Sint Maarten CFT reiterated its consent to the issuance of the bond at the end of August 2011 in a letter to the Minister of Finance.

At the end of August the Minister of Finance sent a letter to the President of the Central Bank of Curacao and Sint Maarten authorizing the bank to issue a bond on behalf of the Government of Sint Maarten.

"I am very pleased with the issuance of the bond on behalf of Government. This is part of the process of building a healthy financial foundation for our country.

"It will also help to release much needed cash flow for the government as well as save on interest costs," Minister of Finance Hon. Hiro Shigemoto said on Sunday.