Joint Press Statement on Cabinet's Meeting
with Mr. R. Allen Stanford

At the request of Mr R Allen Stanford, a meeting was held on 6th February, 2003 between the Cabinet and senior representatives of the Stanford Financial Group.

The two sides recalled with satisfaction the productive and mutually beneficial relationship that has existed between the Stanford Group and the people and Government of Antigua and Barbuda.

The Cabinet expressed its deep appreciation, on behalf of Antigua and Barbuda, for the significant investments made by the Stanford Group in Antigua and Barbuda over the last few years totalling almost EC$160 million. They also noted with approval the large number of persons employed by the Stanford Group in the several phases of these investments.

Mr Stanford formally advised Cabinet of his decision to relocate the administrative headquarters of the Caribbean Star airline from Antigua to St Kitts-Nevis. While regretting the necessity for this decision the Cabinet expressed its understanding of the importance to the Stanford Group of spreading its portfolio more broadly than in Antigua which, so far, has been the principal beneficiary of its Caribbean investments.

Mr Stanford emphasised that while the administrative headquarters of Caribbean Star would be moved, the engineering department and flight operations of the airline would remain in Antigua.

The Chairman of the Stanford Group also informed Cabinet of his proposal to create an investment fund of US$2 billion for development projects in the Caribbean. The Cabinet applauded this outstanding initiative by Mr Stanford and warmly welcomed his proposal particularly as, over the last five years, the Caribbean has been one of the regions of the world that has received the smallest amount of foreign direct investment. Mr. Stanford revealed that the Headquarters for the Investment Fund will be located in St. John's, Antigua.

Mr. Stanford reiterated his confidence in Antigua and Barbuda and its people, and his team unveiled to the Cabinet plans to invest over EC$256 million in new development projects that would be executed immediately following the Cabinet's approval.

Among the projects would be the establishment of a retail/entertainment village across from the airport terminal at a cost of EC$40 million, development on Maiden Island at a cost of $135 million, and the completion of an FBO to service private aircraft at a cost of approximately EC$7 million. The additional projects will bring the total amount invested at the V.C. Bird International Airport to $415 million.

The Cabinet welcomed these new investments by the Stanford Group and expressed their appreciation for Mr Stanford's confidence in the people and government of Antigua and Barbuda.

The Cabinet agreed to appoint a three-man Ministerial team to complete negotiations with a team from the Stanford Group on fast-track so that contracts could be settled expeditiously.

The Cabinet also appointed a small group of Senior Officers from the Ministries of Finance, Agriculture, and the Development Control Authority to ensure that there are no bureaucratic delays to the various projects.
The two sides agreed that the Prime Minister, Honourable Lester B. Bird, and Mr. R Allen Stanford would remain in regular contact throughout each stage of the negotiations and implementation of the projects to give them the highest possible oversight.

Both the Cabinet and the Stanford Group expressed pleasure at the constructive and productive outcome of their meeting and described it as a landmark event in the continuing economic development of Antigua and Barbuda.