Hilaire says CIP Funds are to be used for Infrastructural Projects

Monday, Aug 21

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unds generated from the Citizenship by Investment Programme go towards infrastructural projects, the Deputy Prime Minister Hon. Dr. Ernest Hilaire disclosed.

The CIP also provides a breakdown of its expenditure in its annual fiscal report. Despite this, the Opposition is requesting a debrief from the government, detailing the use of the statutory entity’s funds.

 “We've been very critical of the last government in terms of - nobody knew what the funds were being used for. There are two sides to the money - money that goes into the National Economic Fund and monies that are generated as excess funds. Monies are being used for largely national security reasons, largely to provide support to marginalized groups and for debt relief,” he explained. 

 “We are about to enter a new phase of CIP with the resources we have been able to save. We’ll now go into specific projects, and I’ll leave it to the Prime Minister to, at the right time when he’s prepared, to announce the national infrastructural projects,” the Deputy Prime Minister added.

 The CIP’s Annual Report provides the exact digits gained by the organisation since its inception in January 2016. According to the report, the CIP has recorded a 62% growth for the year 2021/2022, earning XCD 54,154,643. This figure represents a XCD 20.7-million growth from 2020/2021.

 The report further clarifies that “80% of the investment made by an application is remitted to the Government of Saint Lucia through the National Economic Fund. The other 20% of the investment amount is retained by the CIP for the purpose of marketing the programme globally.” For the year, as the report declared, XCD 51.8 million was remitted to the government through the National Economic Fund.