Cayman Enterprise City brings in less than $17k

(CNS Business): Hopes that Cayman Enterprise City (CEC) would boost government coffers have been dashed as the ring-fenced initiative has barely covered the costs of setting up and running of the Special Economic Zone’s authority. According to details revealed under an FOI request, the money collected under the special economic zone (SEZ) since it was established by law in September 2011 is just over $150,000. However, running the new authority costs over $68,000 per year, leaving government with just a few thousand dollars from the collection of trade certificate and the zone’s employment certificate fees since it opened. Billed as a potential new economic pillar for Cayman, there is still no sign of the promised campus and the predicted earnings for the public purse have failed to materialize. Read more on CNS Business.

Go to article