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House: Government guarantees Wedco credit

The Bermuda Government has guaranteed the West End Development Corporation's payment obligations in relation to a $39 million credit facility provided by Butterfield Bank.

Bob Richards, the Minister of Finance, told the House of Assembly that the “unconditional government guarantee” was linked to the reclamation of 11.2 acres for commercial use, including the America's Cup, at South Basin, Dockyard.

The project credit term is for six years from the date of initial drawdown, Mr Richards said.

Credit term: Bob Richards, the Minister of Finance (File photograph by Akil Simmons)

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Published December 16, 2015 at 11:12 am (Updated December 17, 2015 at 12:45 am)

House: Government guarantees Wedco credit

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