A few weeks ago, we reported that the Stake Bank and North Drowned Caye Cruise Tourism projects had gotten full environmental clearance. But, the matter is still before Cabinet - and is pending the signing of a memorandum of understanding with Government. But today CEO in the Ministry of Trade Mike Singh told us that it basically has the executive green light:..
Mike Singh - CEO, Ministry of Trade
"We've been looking very closely at the project. There has been some request to Mr. Feinstein to make some adjustments and I will tell you the particular adjustments have to do with his request to develop Drowned Caye as a commercial island whereby you would have a tax free zone. There is of course a lot of concern by the domestic economy in Belize City that that would take away a lot of the business."
"We've requested some adjustments that I believe he has agreed to. I haven't gotten a report out of the latest Cabinet 
briefing on it, so I don't know exactly where they went to. But I do know that he has removed some of the concerning issues and I believe that we should be moving forward to an MOU stage hopefully within the next week or two."
Developer Mike Feinstein has indicated he can source financing as soon as all permissions are in place.
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