CABI To Include Commercial Construction

Details

Economy

Monday, 24 December 2012 02:30

By caribarena news

Antigua St. john's - On the heels of the successful Construct Antigua and Barbuda Initiative (CABI), which provided building incentives for private homeowners during the past year, it has been announced that following another review period in February 2013, the decision will be taken to include commercial development as another layer to the initiative.

Finance and Economy Minister Harold Lovell initially announced the move following recommendation from the Employers’ Federation.

Chairman of the Antigua and Barbuda Investment Authority (ABIA) Dr. MacChesney Emanuel said on Sunday that the initiative is still in the planning stages with the details of how it would be structured still being ironed out.

Questioned about some of the areas of concessions the move would entail, Emanuel said it was still too early to tell.

“We are taking cues from construction industry people at this point. But we feel it would certainly bring more people in the pool and generate more construction and economic activity in the country,” Emanuel said. He added that the new layer would definitely take effect when the program is re-launched in March 2013.

Minister Lovell had explained that the Government is considerably pleased with the results so far of the initiative which was launched in July 2011. “The impact of the programme has far outweighed our original estimates as we expect the total value of projects to exceed $100 million by the time the CABI is set to conclude at the end of February 2013,”Lovell said in a recent statement.

He added that through the program, Government has managed to “jump-start” activity in the construction sector with resounding benefits across the board. “Undoubtedly, the CABI has contributed to the expansion in economic activity in 2012,” he opined.

Nick Hadeed of the Antigua and Barbuda Contractors Association has also lauded the signaled intention to broaden the scope of the CABI program. He, like Emanuel, is of the view that such a step would augment the program’s success.

“I know of it and I think it is a good move that will help to stimulate construction in the country. By including commercial, it will certainly have a large impact on construction in that sector,” Hadeed said.

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