Home Local News Cabinet Appeals to CUB to Accelerate Loan for Port Authority

Cabinet Appeals to CUB to Accelerate Loan for Port Authority

by Pointe FM'S Editor
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Thursday 11th October, 2018-Government has assured Caribbean Union Bank that Antigua Port Authority will be able to repay a loan it is seeking from the financial institution to upgrade equipment critical to the operations at Deep Water Harbour.

This week, several shipping lines announced they were increasing their fees as a result of pending increases of tariffs by the port. But that statement was quickly debunked by port officials who are assuring that there are no plans to hike fees.

However, what was later revealed is that the shipping lines’ decision that will affect importers was due in part to the expenses they incur at the port, especially when there are delays as a result of faulty equipment, namely the crane used to offload containers.

Information Minister and Cabinet spokesperson, the Hon. Melford Nicholas confirms there are issues being encountered at Deep Water Harbour, and Caribbean Union Bank has been encouraged to speed up the process in providing the loan, which will improve the situation at the port.

The amount requested in the form of the loan from CUB is unknown.

Minister Nicholas says the lending institution did not deny the port’s loan application, but there was a delay due to Caribbean Union Bank requesting security from the Port Authority.

The lands mentioned are adjacent to the port and the transfer is being facilitated by the Ministry of Lands.


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