Bajans to get opportunity to invest in Sam Lord’s Castle hotel project

Barbadians will soon have the chance to own shares and invest in a major tourism project as well as other opportunities.

Minister of Home Affairs Wilfred Abrahams, speaking at the Barbados Labour Party (BLP) Mega Manifesto Meeting on Sunday, disclosed that if returned to office, a Mia Mottley-led administration will expand investment opportunities available to all Barbadians, including the Wyndham Grand Hotel at Sam Lord’s Castle.

“One of the critical things we are going to do is we will divest ourselves of the ownership and the interest in Sam Lord’s Hotel and its surrounding lands. We plan to give that as an investment opportunity to ordinary Barbadians and to the credit union movement,” Abrahams said.

He pointed to the need to encourage average Barbadians to invest more in local projects and job-creating initiatives, rather than keep their savings in banking institutions.

“We need to give the ordinary Bajan a chance to own something substantial, not to collect a pittance of interest from the bank. The banks do not give you interest now; you actually pay to keep your money on the bank,” Abrahams said.

“By doing this [investment opportunity], we will allow you to have a stake in perhaps one of the biggest tourism opportunities in the entire of Barbados. This is what your government will do for you. We do not want it all for ourselves.”

The BLP’s Christ Church East candidate added that the Barbadian Wealth Fund will also be completed soon, providing another option for locals looking to invest in unoccupied Crown lands and assets.

“We want to make Barbadians owners of public assets,” he said.

“We will complete the development of the Barbadian Wealth Fund, and this fund will put used government lands and assets to work, using them as stakes for equity and more significant developments. The fund will be legally owned by anybody over the age of 18,” Abrahams explained. (SB)