The Government of Belize and Stake Bank Enterprise Limited, a Michael Feinstein company, signed an investment agreement on August 25 for a cruise ship docking facility – southeast of Belize City.
The facility will be located on Stake Bank Caye. It will feature a theme park with water rides, a roller coaster, and aquaria – Amandala reports. As well as the theme park the resort will feature a 60-slip marina, an 80-room luxury guesthouse with supporting amenities.
The $50 million project will begin in December this year, and it will take 18 months.
The Minister of State with responsibility for Investment, Trade and Commerce, Hon. Tracy Taegar-Panton, said that the agreement is expected to flesh out the obligations of the government, and also the obligations of the developer. The Government describes the deal as a “definitive agreement.”
Feinstein said that the options for funding included a syndicated loan from local banks and foreign investment from entities such as cruise ship lines. He said that he would retain at least 51% of the shares in the company.
Cruise Ship Image Courtesy of Christian Ferrer via WikiCommons