That the relation between Central Bank President Emsley Tromp and the Schotte cabinet has remained disturbed since the public corruption allegations back and forth last year is no secret, but the current spat over a pending bond issue for Curaçao's infrastructure (see related article) again confirms it's an unhealthy situation. As it, after all, regards the joint Central Bank of Curaçao and St. Maarten (CBCS), the controversy is of some local significance as well.
Of course, it does not directly concern the other bond loan for the harbour at Pointe Blanche, even though at least one newspaper in Willemstad wondered why no questions were being asked about that aspect here either. Meanwhile, the latter has been done most notably by NA parliamentarian Louie Laveist, primarily because the arrangement also includes financing for the proposed causeway across Simpson Bay Lagoon about which he has serious doubts.
The VVD fraction in the Second Chamber of the Dutch Parliament had sought clarity earlier on the US $150 million bond for St. Maarten and whether the island's finances, long-term planning and fiscal structure were strong enough to repay it. One of the fears was that the Dutch Government might be obligated to buy bonds of the newly-established countries within the Kingdom if there was insufficient interest, but judging from the Central Bank's announcement that anyhow will not be a problem in this case.
It's also good for the political establishment in The Hague to remember that The Netherlands was closely involved in the development of the port through its national participation company. This even made it possible to invest in several upgrading projects in the greater Philipsburg area through the harbour shares buyback deal at a later stage with execution agency USONA.
Moreover, especially the cruise facility is of vital importance to the economy and currently there are problems with the second pier that urgently need to be addressed one way or the other. At least part of the bond loan actually will go towards refinancing existing commercial loans so that payments can be reduced, freeing up more means for repairs, maintenance and further investment.
Additional details certainly are called for, also in light of plans for a "Dutch Village" at the terminal, but considering the track record of the Harbour Group of Companies, including its dealings with major cruise lines that also have provided financing, there seems no particular reason to be overly worried.
