The Prime Minister of St. Maarten the Honorable Sarah Wescot-Williams on Monday signed a Memorandum of Understanding with the National Pension Fund APS towards the understanding of exploring the financing possibilities between Government and the APS which will go towards the completion of the new Government Administration Building.
PM: "We have come to an agreement on the steps to be taken in the next eight weeks coming out with a hard decision regarding the investment of the APS in the completion of the new Governemnt Adminstartion Building"
The Prime Minister stated that she looked forward to a close working relationship with the APS in making the completion of the building a reality and to see through the additional projects associated with the building, namely Block D and the planned parking garage. "On this wonderful occasion this afternoon I would like to thank the Management and Board of APS for coming together with Government in formalizing an agreement in which we will arrive at an approach for formalizing a clear understanding of the completing of the new Government Administration Building. After months of formal and informal discussions between Government officials and the management of APS we have now arrived closer to an understanding of Government’s deep desire to get to a solution for the completion of the Government Administration Building and APS’ desire to invest in a worthwhile and feasible project on St. Maarten. Bringing those two thoughts together and after significant deliberation between the two parties we have come to an agreement on the steps to be taken and the analyses to be done in the next eight weeks coming out with a hard decision regarding the investment of the APS in the completion of the new Governemnt Adminstartion Building. One of the steps to be taken during the coming eight weeks is to analyze the status of the New Administration Building and to move forward with the necessary steps in order to get the Building complete as well as some of the other necessary projects such as block D and the parking garage. It is my hope that after the financial amylases has been done a firm agreement will be arrived at for the completion of the new Government Administration Building," stated the PM.
The Chairman of the National Pension Fund Mr. Franklin Richards stated in his remarks that he, as Chairman of the Board of APS, had the great pleasure to be at hand for the signing of an MOU between the Government of St. Maarten and the National Pension Fund. "The signing of this MOU is the first step towards the possibilities of a financial and legal framework needed to make the completion of the Government Administration Building feasible and the APS is proud to be a part of this decision. I hasten to add that much consideration has been given towards the signing of this MOU and I assure all that the strict regulations regarding the investment possibilities of the APS are being observed regarding which investments are allowed and what investments can be taken. Some of these regulations entail that all investment possibilities have to be taken into consideration by the Board and the Investment Committee of the APS and all investment decisions are in no way taken if they are in conflict with the payment of pensions. We classify the new Government Administration Building as a sound investment and are therefore embarking on the discussions regarding the steps which can be taken towards its eventual completion. The signing of the MOU indicates that together with Government the APS will work together to provide all the necessary information for the evaluation and the sound decision making for the new Building to be completed and made operational. I would like therefore to thank the Prime Minister for placing Government’s confidence to us," concluded Mr. Richards.