The Government of St. Vincent and the Grenadines and the Republic of China on Taiwan, signed a loan agreement this morning at Cabinet room, for the construction a hotel project at Mt. Wynne in excess of 50 million US Dollars.

Minister of finance, Camillo Gonsalves while delivering brief remarks said that today is a happy day in the economic development of St. Vincent and the Grenadines.

Minister Gonsalves commended the Taiwanese Government for its support, saying that the hotel idea was developed following the construction of the Argyle International Airport.

He added that it is the hope of the Government to turn St. Vincent and the Grenadines into the Caribbean’s ultimate tourist destination.

The New Ambassador of the Republic of China (Taiwan) to Saint Vincent and the Grenadines, Mr. Calvin Ho, said his Government is pleased to be involved in funding of the project.

And Prime Minister Dr. Ralph Gonsalves said the development of the hotel will strengthen the education revolution, particularly in the area of tourism education.

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