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Contact:
Rose Marie Harris
Thursday, April 10, 2003 – The shoddy appearance of the centre of
Castries, which has for some time now drawn concern from locals and visitors
alike has prompted the government and other stakeholders to institute some
changes that will encourage businesses in the centre of the city to redesign and
refurbish their buildings. Government began the process by introducing a regime
of duty free concessions on building materials. The regime which ends on
December 31, 2003 has worked well and a new appearance within the city centre is
already emerging.
The J.Q. Charles building cited as one of the most imposing buildings on Bridge
Street has undertaken a number of modest changes over the past few weeks. In
fact the National Insurance Corporation (NIC) and the Bank of Saint Lucia have
now purchased the building and are creating a Special Purpose Vehicle (SPV) which
will give birth to a new company that is to be named “Blue Coral Limited.”
Prime Minister Honourable Dr. Anthony speaking during his 2003/2004 Budget
address disclosed that as a result of the two third shareholding of the NIC in
this special purpose vehicle, government has agreed to provide certain
concessions towards the purchase and the refurbishment of the property. “It is
expected that the refurbished building will enhance the city centre and at the
same time provide additional top class office and commercial space for
entrepreneurs desirous of participating in commercial activities, particularly,
activities related to the tourism sector such as duty free shopping.”
This Dr. Anthony further explained will help the drive to transform Saint Lucia
into the premiere shopping destination in the Eastern Caribbean.
The Saint Lucian public will soon be given an opportunity to share in the
ownership of Blue Coral Limited. This will definitely be consistent with
government’s policy of encouraging the development of a shareholder democracy in
Saint Lucia.
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