CIP discussed in Saint Lucia parliament

Saint Lucia PM Allan Chastanet, discussed CIP in the parliament, provided some clarifications on the citizenship by investment program.

“Saint Lucia’s CIP is among the most sought after in the world and we remain committed to maintaining the highest level of due diligence and security”, said PM Chastanet.

During the presentation, PM Chastanet providedbreakdown of the various projects and programmes that the revenue from the Citizenship by Investment Programme has been spent on or allocated for.

“This exact breakdown already provided during the 2019/2020 Budget Debate and this information is also contained in the 2019/2020 Estimates of Revenue and Expenditure.” he said

2015-2016

• In CIP revenue programme within 2015 and 2016 the members estimated that they would have collected 12 million dollars from CIP revenues and by the end of that period they collected zero, nothing to report.

2016-2017

• In the CIP revenue programme for 2016-2017 approximately collected 24 million dollars and they intended to spent it in the following ways:

• They indicated that they would have spent 3 million dollars on land acquisition
• They would have spent 6.293 million on the New National Hospital
• They would have spent New Hospital Commissioning 3.5 million.They are allocated for furniture and equipment in the New National Hospital 1.2 million
• They said St Judes Hospital reconstruction 3 million
• Tourism , Marketing and promotion they had allocated 7 million which comes up to the 24 million.

In actual fact they ended up getting 5.9 million dollars in revenue and the money was allocated in the following way:

• 1. The New Hospital got the 45.935 million which was still three hundred thousand dollars short of what that allocation was.

2017-2018

In 2017 and 2018 my government had projected 43 million dollars that we would have received in earnings and we had allocated in the following way:

1. The National incentive to create employment–(NICE) to receive 4.1 million dollars .

2. The commissioning of the Babonneau fire station was to receive 1.9 million dollars.

3. Capital contingency fund of 5 million.

4. Reconstruction and rehabilitation of the secondary and tertiary roads was 2 million.

5. Banana productivity improvement project 4 million.

6. Tourism , Marketing and promotion 10 million.

7. Land acquisition 12 million and

8. Basic education enhancement project 2 million and

9. St. Judes Hospital reconstruction 2 million.

The amount we received was 24 million and it went in the following places

1. National incentive to create employment (NICE) got 54 thousand

2. The commissioning of the Babonneau fire station got 950 thousand

3. Reconstruction and rehabilitation of the secondary and tertiary roads got almost 2 million dollars

4. The banana productivity improvement project got 89 thousand

5. The tourism and marketing programme got 10 million

6. Land acquisition got 9.6 million and

7. The New National Hospital commissioning 522 thousand dollars which came to a total of 24 million 128 thousand dollars.

The actual number of receipts that we received was 27 million dollars.In that we had a balance of about 3.7 million dollars that carried over for the following year.

2018-2019

For 2018 and 2019 we projected that we would have received 29 million dollars and it was allocated in the following manner:

1. Shared services platform national vital records management system 4 million.

2. Communications equipment digital —radio— system for the police and fire dept

   2.6 million

3. Land acquisition 9.1million

4. New National hospital 3 million

5. St. Judes hospital reconstruction 3.2 million

6. Tourism marketing and promotion 7 million

We ended up spending 9.1 million on land acquisition , 2.9 million dollars on the New National hospital , 2.6 million dollars on the St.-Judes hospital reconstruction and 7 million dollars on marketing and promotion. In terms of that comes to a total of 27 million.We ended up doing debt

servicing principle repayment was 26.28 million dollars and on the range settlements was 14.1 million dollars.So the total amount of money’s that we spent was 67 million 426 thousand .The citizenship by investment fees  approved were 29 million,but we ended up actually earning 67 million dollars and we had an unspent balance of 125 thousand dollars.

Projects finance by the CIP revenue for 2019 2020 budget. So we have estimated that we are going to get an earnings of 65.5 million dollars and it would be spent in the following manner:

• • • • shared services platform for the national vital records management system 2 million dollars.

      • Dennery Water supply redevelopment 1.2 million dollars

      • Viex fort water supply redevelopment 500 thousand dollars.

      • Banana productivity 1.8 million

      • reconstruction of bridges 4 million.

      • Road improvements and maintenance programme 627 thousand

      • Beanfield comprehensive secondary school 2.3 million.

      • The New hospital commissioning 1.5 million.

      • New National hospital construction 922 thousand

      • Retro fitting works of  inpatient services 5.9 million.

      • St.Judes hospital reconstruction 5 million

      • DVRP 1.5 million.

      • Ti Rocher Road and Fond Dor road rehab 5.8 million.

So the total projects work 3407. Other capital projects Sir Arthur Luis equipment capital grant 500 thousand and support to the new marketing entity equipment 830 thousand dollars. Debt principle repayments we have allocated 30 million for a total of 65 million.

as we know that we are not in the current year.

Please note the above transcript may not be accurate in translation.

The full original video is available below:

https://www.facebook.com/allenmchastanet/videos/1198403227012372/