The government’s holding company National Industrial and Commercial Investment Ltd (NICIL) has spent less than US$2 million on development costs for the Marriott Hotel but will invest US$19 million in the project, Minister of Finance, Dr Ashni Singh disclosed to the National Assembly last week.
In a written response to questions raised, the minister said NICIL has spent or will spend less than US$2 million on development costs including design costs to the New-York registered Adam Development and Urbahn Associates (ADUA) and preliminary costs to financial close. The design by ADUA has since been changed, according to documents released to the National Assembly. NICIL will also provide US$4 million in equity and invest US$15 million in subordinate loan stocks for the controversial project.
Singh said the government of Guyana has not entered into an agreement with China’s Shanghai Construc-tion Group (SCG) but rather Atlantic Hotel Inc (AHI) has entered into a contract with SCG International – a subsidiary of Shanghai Construction Group for the construction of the hotel. AHI (NICIL is currently the