ST GEORGE'S (CMC):

A Chinese bank is providing funding to the Grenada government to develop a port and marina project in the northern parish of St Patrick.

The brainchild of former parliamentary representative for the area, Kenny Lalsingh, who is the current president of the Senate, the three-year project comprises a port, marina, dry dock facility, condominiums and a shopping plaza.

Last week, Parliament gave approval to establish a corporation that will manage the project. Lalsingh said that government had to pass the legislation setting up the corporation because the Chinese funding agency is an institution that only deals with governments and not the private sector.

Millions for project

"Ex-Im Bank of Mainland China is providing the funding and they only work government to govern-ment, so that is why Parliament had to pass the law to make it one of its projects," he explained.

"The corporation will be the sole authority to implement and manage the project while I will be working along with them."

A preliminary estimate of the cost of the project is US$83 million.

The bill to establish the corporation was approved during Friday's sitting of the House. Minister for Economic Development and Planning Anthony Boatswain, who is the current member of parliament for the area, told the House that the facility will cater for inter-island travel between Grenada and the Grenadines.

"The more compelling reason for the facility is for Grenada to take advantage of the yachting industry, the fastest growing component of the tourist industry," he said.