BASSETERRE, St Kitts, May 29, 2008 – Kuwait has agreed to fund the expansion of the Nevis International Airport.
Premier and Minister of Finance in the Nevis Island Administration (NIA) Joseph Parry said the government of the Middle Eastern country had indicated it would provide financing for the project once the administration of Prime Minister Dr Denzil Douglas gave its support.
“Last year I reported that the Kuwaiti government had indicated their interest in the expansion of the airport; that they had approved the project in principal. Now I am reporting that the Kuwaiti government has said to the Federal government if the project has its support the Kuwaiti government will accept the project and move forward with it,” he said earlier this week.
“A fax was sent to Prime Minister Douglas in that regard and a copy was sent to me and it was agreed, without any struggle, that the Federal government not only supports the project but will guarantee the project and so that project is approved. We only have from the Ministry of Finance in Nevis, to submit the project to the Federal government for it to be sent on to the Kuwaitis.
According to Mr Parry, Prime Minister Douglas gave the NIA his blessing during a meeting in St Kitts on May 21.
The Premier said other matters that were addressed included funds from Cable and Wireless shares which were owned by the Federal government but had been bought over by Cable and Wireless.
“We spoke about matters to do with funds from Cable and Wireless. Cable and Wireless had bought out the shares of the government of St Kitts and Nevis and we have agreed between the Federal government and the Nevis Island government that the funds would be shared,” Mr Parry said.
He said the issue of the modification of the existing Companies Act was discussed and it was agreed that companies based in St Kitts who conducted business in Nevis would pay their corporate taxes in Nevis while those based in Nevis and operated in St Kitts would pay their corporate taxes in St Kitts.
The Nevis Premier said the issue had been argued for many years but has finally been resolved.