Providenciales, TCI, June 17, 2016 – A $5 million bond from the National Insurance Board will help to finance $70 million in capital works at FortisTCI for the next two years. The major announcement came yesterday morning at the FortisTCI Provo Headquarters from CEO, Edinton Powell who was joined by Walter Gardiner, CEO of the NIB and other executives of both entities.
Powell said the money, which will be paid back 100% with interest, will fund infrastructure investments and he called the move historic. “And we are pleased to announce, that Fortis TCI, has reached an agreement with the board of directors, of the Turks and Caicos Islands National Insurance Board, for the issuance of a $5 Million dollar bond, which forms part of a recent finance initiative totaling to the 5 million dollars. These funds will be used to partially finance the company’s capital expenditure through 2016 to 2018.”
The rate of return is 5.14% per annum and culminates about four months of negotiations.
