INVESTMENT AGREEMENT BETWEEN GOVERNMENT AND CENTURY DEVELOPMENTS LIMITED

Signing ceremony

St. George, March 26, 2008 -- On Tuesday January 29th 2008, the Government signed an Investment Agreement with Century Developments Limited, a company predominantly owned by Irish nationals for the development of a marina, resort and villas at Fort Jeudy St. George’s.

Present at the signing was Minister of Economic Development and Planning, Minister Anthony Boatswain, the General Manager of the Grenada Industrial Development Corporation, Mrs. Sonia Roden, officials of the Corporation and the project sponsors.  The occasion signifies Government’s continued effort and commitment in encouraging and facilitating private sector investment in its pursuit of economic development.

The company will establish a marina village with commercial and residential mix to include a five (65) room boutique hotel, thirty (31) luxury villas, forty (40) two bedroom suites, condominiums and apartments; a waterfront restaurant, sporting centre, beach club and one hundred (100) boat decks, a total investment in excess of US$120 million.

The project is supported through the grant of investment incentives provided to approved tourism developments.  Upon completion, the project will create jobs for approximately three hundred (300) persons and also contribute to increasing the country’s room stock through its utilization as a tourism resort.

It is Government’s intention to continue encouraging these types of developments due to the positive economic impact to be realized such as an improvement of Grenada’s tourism product and a reduction in the unemployment level through the creation of jobs among other benefits.