The Cabinet has okayed a plan that will allow the Social Security Scheme of Antigua and Barbuda to undertake what has been termed ‘a strategic investment’ in the redevelopment of the Jolly Beach Resort.
In a statement, the government said the move is designed to strengthen the long-term viability of the Scheme. “As part of this initiative, the Government will inject $75 million into the Scheme, which will be directed toward transforming the Jolly Beach property into a 500-room resort. The development will also include the construction of a new section featuring condominiums, which will be sold under the Citizenship by Investment Programme (CIP),” the statement noted.
Accordingly, this new policy is designed to diversify and enhance the investment portfolio of the Social Security Scheme, allowing it to generate sustainable revenue through both contributions and income-yielding investments. To facilitate this transformation, the Government will introduce amendments to the Social Security Act, enabling the Scheme to restructure and actively participate in commercial ventures.
The Cabinet has emphasized that the Jolly Beach Resort holds strategic significance for Antigua and Barbuda’s tourism sector. This policy will ensure the property’s full refurbishment, expansion, and long-term profitability, reinforcing its role as a key contributor to the national economy.
