Republic Bank pulls out of Marriot project.
In what is expected to be a big blow for the Marriot Hotel project Republic Bank has reportedly pulled out of the deal to become the major Investor in the project. Government had been banking that Republic Bank was going to pump 27 million dollars initially into the project with a further 4 million dollars later. At a recent press conference at the NCN studios Chairman of AHI which was set up to run the Marriot Hotel Winston Brassington was pretty sure that Republic Bank would have come on Board.
It is not clear what may have prompted this decision by Republic Bank.
Capitol News sought a response from Brassington who is reportedly out of Guyana at the moment but was unable to get a response. Similiarly efforts to reach the Trinidad based Republic bank were unsuccessful.. The opposition Party APNU had only last week said that it will not honour any commitment to the financiers of the Marriot project since according to APNU it lacks economic justification