Government to go ahead with port
Earlier, the Cayman Government proposed to re-develop the George Town port with a view to separate cruise and cargo facilities and install cruise berths. However, the community had mixed feelings about that. Nevertheless, the government is pressing ahead with the project.
On January 8, 2009, the government announced that the 1st phase of public consultation regarding the Environmental Impact Assessment will start next week. The government said that the recommendations on financial modeling options for a public-private partnership will also be ready shortly.
The Leader of Government Business Kurt Tibbetts said that plans with the port project and that environmental assessment were moving ahead. According to him, estimates for the cruise project range from USD 109 to USD 117 million which depends on the design option, and a further USD 71 million for the port facility.
However, the project will not be financed entirely by government. The financial modeling options for the project are being devised by KPMG. Also, in July 2008, the Cayman government entered into an Memorandum of Understanding with investors Atlantic Star that may become the full or limited partner in the port’s development.