A landmark public-private investment initiative that will see the development of a new hotel on approximately 15 acres of beachfront land at Yeptons, has been approved by the Cabinet.

It is said to be part of the Government’s strategy to increase local ownership and participation in the tourism sector.

Under the arrangement, the Government, along with selected state-owned enterprises and statutory corporations, will invest up to EC$40 million in the project.
The development will be undertaken in partnership with local private-sector investors, creating a new model designed to ensure that Antiguans and Barbudans benefit more directly from the country’s largest economic sector.

Cabinet was advised that one local investor has already committed EC$20 million towards the project, signalling strong confidence in the investment opportunity and the long-term prospects of Antigua and Barbuda’s tourism industry.

Additional financing will be secured through the Citizenship by Investment Programme (CIP), which the Government said continues to serve as an important source of funding for strategic national development projects.

In approving the initiative, Cabinet reaffirmed that increasing local ownership within the tourism industry remains a key policy priority. While tourism continues to be the principal driver of economic growth, the Government said it is committed to ensuring that a greater share of the wealth generated by the sector remains in the domestic economy and directly benefits citizens.

According to the Cabinet, the Yeptons project forms part of a broader strategy to create investment opportunities for local entrepreneurs, professionals, pension funds, statutory corporations and other domestic stakeholders.

The hotel development is expected to generate significant employment during both the construction and operational phases while creating new opportunities for local contractors, suppliers and service providers.

Cabinet also recalled previous decisions to make available approximately 6.5 acres of beachfront land at Shell Beach and five acres at Fort James for similar public-private partnership arrangements aimed at encouraging greater local investment in tourism developments and providing avenues for citizens to acquire equity ownership in high-value tourism assets.

The Government believes these investments represent a transformative approach to economic development by combining public resources, private capital and Citizenship by Investment Programme funding to build nationally owned assets capable of generating long-term economic returns.

The Yeptons development is expected to become a flagship example of local ownership and partnership within Antigua and Barbuda’s tourism industry and a significant contributor to employment, foreign exchange earnings and sustainable national development.