The Government of St. Vincent and the Grenadines (SVG) yesterday signed a landmark agreement with Limestone & Palm Island Resorts Ltd. for the redevelopment of Palm Island Resort and the Anchorage Yacht Club on Union Island.
The Agreement, signed at Cabinet Room, represents a transformative US$100 million investment.
The project promises widespread economic benefits, new employment opportunities, and strengthened linkages across agriculture, fisheries, construction, and local business sectors.
The redevelopment includes the transformation of Anchorage Resort into a four-star bohemianluxury property with 30-40 rooms, and the return of the world-renowned kite surfing school, which is expected to open in the coming months.
Palm Island Resort will also undergo extensive reconstruction, including luxury private residences and upgraded guest accommodations.
Construction work has already begun, including reconstruction of the pier and preparatory works for the new kite school on Union Island.
The initiative is expected to generate 100-150 jobs during Phase 1 of construction, 150-200 jobs during Phases 2 and 3 and over 200 full-time jobs once the resorts become fully operational.
Prime Minister Dr. The Honourable Ralph Gonsalves emphasized that, under the agreement, the resort must give first preference to Vincentians for employment, procurement, and service contracts, while providing training, internships, and professional development for nationals.
