Regional bank offers construction and development financing to Turks and Caicos
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| Published on Thursday, January 17, 2008 |
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PROVIDENCIALES, Turks and Caicos Islands: Surrounded by bankers and government ministerst, Turks and Caicos Islands Premier, Dr Michael Misick announced an expansion of a major partnership with RBTT Merchant Bank Limited of Trinidad and Tobago.
The Premier says that he has a commitment and a duty to modernize this country, and that modernization means having a modern infrastructure and that is where RBTT will play a major role.
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| Turks & Caicos Islands Premier, Michael Misick |
RBTT is committed to financing between US$50 to US$100 million in public and private construction projects in the TCI over the coming year. The monies will be used to build schools, recreation facilities and a courthouse and police headquarters.
Christopher Mack, Vice President of Capital Markets for RBTT says his company has a balance sheet of over 7-billion US dollars, with a strong regionally based economic business that provides the company with a certain amount of protection from the current economic downturn being experienced by the rest of the world.
In remarks, Mack said RBTT is "bullish on the Turks and Caicos Islands. The country's economy caters to middle and high-income tourist who are not as vulnerable to changing 'economic winds".
Misick said: "The Turks and Caicos economy is very strong despite the sub-prime market meltdown in the United States."
Deputy Premier and Finance Minister, Floyd Hall said: "RBTT has been a proven partner (for TCI) over the years and has played a very integral part in financing private ventures on the island." He went on to add that the TCI government looks forward to strengthening that relationship.
RBTT Merchant Bank Limited has financed such projects as the Providenciales and Grand Turk International airports, as well as a number of roads. The bank does business in over twenty-two countries around the world and has banking facilities in thirteen countries. | | | | Reads : 335 | | | |
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