By Belize Live News Staff: The Government of Belize has announced its intention to compulsorily acquire the disputed 24-acre extension of Stake Bank Island. The parcel, currently under ownership dispute in the High Court, has been hindering the completion of a crucial cruise berthing facility project.
This move comes as a response to the ongoing delays and stagnation of the project due to the company’s receivership and the subsequent land dispute. The lack of a proper berthing facility in the Belize District has negatively impacted cruise tourism arrivals, further highlighting the urgent need for this infrastructure.
The acquisition, approved by the Cabinet, aims to resolve the legal hurdles and facilitate the completion of the much-needed cruise berthing facility. Once the acquisition and assignment to Stake Bank Enterprises is finalized, construction can resume, salvaging a major investment project and providing cruise ship passengers with a dock disembarkation for the first time.
Stake Bank’s Receiver and Creditors have petitioned the government to intervene and acquire the disputed parcel to rescue the project and its significant investment. The Creditors have also provided a comprehensive indemnity to the Government, ensuring that any potential costs arising from the acquisition will be covered by them, not the taxpayers.
This decision aligns with the Government’s commitment to supporting the completion of the Stake Bank Cruise Docking Facility, as outlined in the Stake Bank Cruise Docking Facility Development Act of 2014. The urgent need for a proper berthing facility has only intensified with the increasing size of modern cruise ships.
The acquisition of the disputed extension is seen as a crucial step towards revitalizing cruise tourism in Belize and maximizing the economic benefits of this vital sector. It represents a proactive approach by the government to address infrastructure challenges and promote sustainable development in the country.
