SACCE REDUCES OTTLEY HALL DEBT
The government of this country and the Italian State export Agency- Sacce have officially signed an agreement for the reduction of the loan owed to Sacce to EC$16m.
On Wednesday at the Cabinet Room, Prime Minister Dr. Ralph Gonsalves and Sacce's Head of Claims and Recovery, Michal Ron signed the debt relief document. This was witnessed by Christina Morrelli and members of the press.
The Prime Minister also gave the assurance that by June 30th, the entire debt will be fully liquidated and the Ottley Hall Property handed over to this country.
The debt forgiveness was made possible through discussions held in England with Sacce earlier this year, by the Prime Minister and Director General of Finance and Planning, Maurice Edwards.
This country at the time owed Sacce EC$167m.
Both Dr. Gonsalves and Ms Ron expressed satisfaction with the agreement and promised to work together for a new and fruitful relationship between this country and Sacce.
A. Williams
30th March, 2007
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