Gordon 'Butch' Stewart, chairman of the Sandals Group, said the resort development in Antigua is a US$70 million project. - file

Trinidad-based First Citizens Bank (FCB) has signed a US$36 million bond agreement with the Jamaica-based Sandals Group for the development of a resort and spa in Antigua.

Sandals chairman Gordon 'Butch' Stewart said the project would involve an addition to the Sandals property that would be renamed the Mediterranean Village.

He said the project is expected to cost US$70 million.

Sandals is a Jamaican company, with properties spread across the region.

"We are essentially a Caribbean outfit. We started life in Jamaica and we have always dealt with the local banks. Not just the indigenous banks but the foreign banks that have branches in the Caribbean," said Patrick Lynch, Sandals' finance director.

FCB Chief Executive Officer Larry Howai said that the signing of the agreement represents a milestone for the financial institution.

"We have a few projects like these in the works right now that we are looking at, either on our own or jointly. That kind of business will continue to grow because we all need to diversify our exposures. I mean you have all your eggs in one country, from a risk point of view, it is not necessarily the best," he said.

CMC