St Lucia to Launch Construction Stimulus

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Above: Sugar Beach in St Lucia

By the Caribbean Journal staff

St Lucia is readying the launch of a two-year construction stimulus programme, Prime Minister Dr Kenny Anthony announced.

The government called the plan, which would begin this month and end in February 2014, a “direct and immediate response to the lethargic economic environment currently being experienced.”

The stimulus is being launched in conjunction with several private sector partners, including the St Lucia Chamber of Commerce and the St Lucia Bankers Association, along with the Customs Department and other government agencies.

Part of the plan includes reduced prices on all building materials, reduced fees associated with new mortgages for residential and commercial construction, and “soft financing” for such projects.

The launch comes a month before St Lucia’s implementation of its new VAT consumption tax.

The stimulus plan will officially launch Aug. 21, the government said in a statement.