Jungle Bay Resort & Spa is expected to make its first payment on their Economic Citizenship Program loan to the Government on Monday.
According to a press release, Samuel Raphael, owner/developer of Jungle Bay Resort & Spa intends to make an initial payment EC$100,000.00 to the Government of Dominica through the escrow account of the company’s attorney, Singoalla Blomquist-Williams.
Jungle Bay intends to pay the Government of Dominica EC$100, 000 every February and August for the next 20 years.
Jungle Bay will become the first company to successfully complete an investment and begin to repay their loan under the Economic Citizenship Program of the Commonwealth of Dominica, the press release stated. In 2006, Jungle Bay Resort & Spa immediately accepted Prime Minister Roosevelt Skerrit’s proposal to discount their $6.1 million loan balance by 50%; however, despite numerous meetings and requests over the past four years, the company has yet to receive a revised document spelling out the new terms and conditions for the repayment of its loan. The company has therefore decided to pre-empt the process and begin to repay the loan. The funds will be transferred from the attorney’s escrow account to the treasury as soon as the appropriate documents containing the revised terms and conditions are obtained from the government.
Jungle Bay feels that the Prime Minister’s 50% loan reduction offer is fair and appropriate compensation because the Government’s mismanagement of the Economic Citizen Project caused the project to incur additional construction costs. After several interruptions with the loan administration the developer eventually completed the resort using private funds.
“Notwithstanding the obvious economic challenge this debt repayment will add to the company’s operating finances, we are keen to settle this matter and look forward to continued collaboration with the government in the quest to develop the island’s economy in a sustainable manner,” Raphael noted.
The handing over ceremony will take place on Monday at the Law Office of Singoalla Blomquist-Williams at 10 a.m.
Jungle Bay Resort & Spa is an award winning eco-adventure resort on the southeast of Dominica which employs over 60 persons in the southeast. The resort significantly contributes to the economy of the southeast with purchases of considerable amounts of produce, fish, other agricultural supplies as well as arts & crafts from local farmers and suppliers. Jungle Bay has paid the Government of Dominica one million four hundred and nine thousand one hundred and ninety one dollars and ninety six cents ($1,409,191.96) in VAT payments from March 2006 through 2009 plus our guests have paid over half a million dollars of departure tax during this period. Jungle Bay has immensely enhanced the international image of Dominica through numerous positive magazine articles and international tourism awards. These are just a few examples of our ongoing contributions to the development of Dominica.