Ministry of Finance Announces Sale of Alfa Nero for US$40 Million

The Ministry of Finance and Corporate Governance is pleased to announce that the Antigua Port Authority has successfully concluded the sale of the Alfa Nero for US$40 million and the consequential prompt removal of the yacht from our jurisdiction. Alfa Nero has been moored in our jurisdiction since February 2022.

The extended stay of the vessel has presented significant financial, environmental, and other challenges for Antigua and Barbuda, which the government has diligently worked to address.

The proceeds from the sale will be used to fulfill various obligations, including settling outstanding debts owed to creditors and the crew since the yacht’s arrival.

In addition to covering these debts, a portion of the proceeds will be allocated to address the $220 million funding gap recorded for the first half of 2024. This strategic allocation of funds underscores the government’s commitment to maintaining financial stability and addressing critical fiscal needs.

Furthermore, the government will undertake a comprehensive assessment of the economic impact resulting from the vessel’s prolonged presence in our waters. This evaluation will include determining any damages incurred over the past 24 months, with the goal of ensuring accountability and preventing similar occurrences in the future.

The government expresses its satisfaction with the resolution of this matter and remains dedicated to safeguarding our environment and maintaining fiscal health.