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Finally! A Definitive Agreement Between G.O.B. and Portico

May 25, 2023

Finally! A Definitive Agreement Between G.O.B. and Portico

On Wednesday, Deputy Prime Minister Cordel Hyde discussed the likelihood of new legislation being introduced in parliament to address the issue of Port of Magical Belize.  This succeeded an announcement made by Portico Enterprises on May twenty-third, regarding the signing of a Memorandum of Understanding with Boskalis International and the Royal Caribbean Group to form a joint venture to develop, manage and operate the Port of Magical Belize.  Prior to that statement, Portico had been going back and forth with Stake Bank Enterprise in respect of a definitive agreement that issued under the Barrow administration. That much talked about document proved to be elusive and several former government ministers, including Tracy Panton and attorney general Michael Peyrefitte are on record stating that they had no knowledge or input where the agreement is concerned.  Tonight, News Five has gotten a copy of the Definitive Agreement signed between the Government of Belize and Portico Enterprises on October first, 2020. The formal contract was between the Ministry of Economic Development and Portico Enterprises, the parent company for Port of Magical Belize. The thirty-one page document signed by former Minister of Economic Development Erwin Contreras, states,”the developer has invested directly and indirectly, considerable finances, time and other resources in and for the conceptual design and preliminary business plan for the development, construction, operation and management of a cruise ship docking facility, including access channel and other maritime and offshore structures required thereto, and strategically locate therein duty free stores, concession stands, beaches, restaurants, bars and a hotel of three hundred rooms with casino throughout the terminal and its surroundings. The project facility is located on the coast of the Belize District, some three miles south of the Sibun River, Belize District”.  News Five will continue to peruse this document and provide additional details in our subsequent newscast.

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