House: Government guarantees Wedco credit
Created: Dec 16, 2015 12:00 AM (Updated: Dec 16, 2015 11:45 PM)
Credit term: Bob Richards, the Minister of Finance (File photograph by Akil Simmons)
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.
