Head of CDB warns that Cricket
World Cup will not help regional economies
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| BRIDGETOWN,
Barbados |
The President of the Barbados-based Caribbean Development
Bank (CDB) Professor Compton Bourne is warning that the
hosting of Cricket World Cup 2007 will not be a turning
point for regional economies.
Nine Caribbean countries are scheduled to host the world’s
third largest tournament from March 11 to April 28, 2007,
and organizers say the region stands to gain much from
the venture.
Last year, World Cup organizers placed initial estimates
for construction and upgrading of stadiums at US $250
million. But St. Vincent and the Grenadines Prime Minister
Dr. Ralph Gonsalves is concerned that escalating costs
will push the already cash-strapped economies of the Caribbean
further into debt.
St. Vincent and the Grenadines will host warm up matches,
and the government initially estimated the cost to be
EC $30 million, but that figure has climbed to EC $57
million.
Even as organizers are touting the benefits of hosting
the event, the CDB president said
..._CBJ
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