Infrastructure fund up for discussion at Chamber

| 16/03/2014

(CNS): Local businessman Bo Miller and Andre Wright, a Wall Street investment banking expert, will be discussing the concept of a Cayman Islands Investment and Infrastructure Fund on Monday afternoon at the Chamber of Commerce’s BE INFORMED presentation. These funds are being established in many countries and are commonly referred to as PPPs (public, private partnerships). An infrastructure conference held in Nassau, Bahamas, last year showed that other Caribbean countries are adopting this model for solving their infrastructure needs.

The objectives of a Cayman Fund would be to promote broad-based and grass roots Caymanian ownership of projects by individuals, Cayman companies and pension funds, creating jobs and embracing local private sector expertise in and retain the profits here in Cayman.

Bo Miller, who has been promoting the idea as a way to deal with the George Town cruise berthing facility among other projects, is a well-known proponent of the idea. Active on the political scene for several years, Miller has a background in finance and accounting and operates businesses in financial services, hotel and condo tourism development, international trade, retail and environmental protection.

Andre Wright has 26 years of Wall Street investment banking experience, where he concentrated on providing investment banking services to US state, county and city municipal clients in addressing their housing, economic development, transportation and general infrastructure capital funding needs.

He co-founded Standard International Group in 1996, which has served as financial advisor to several foreign government and government-controlled companies as well as assisted major international corporations and financial institutions in providing capital, product or service in the Caribbean and West Africa

The discussion takes place today (Monday 17 March) at 3pm in the Chamber conference room, Governors Square.

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  1. Anonymous says:

    To whoever is putting Bo down- I was at the presentation yesterday. Bo realises he needs experts to run this. Bo only did the introductions. The presentation was done by an HSBC banker and a wallstreet investment banker. It was said the fund structuring would be done by one of the big law firms in Cayman . A large local bank has also put their foot forward for financing and lines of credit. If you heard the presentation-  all the questions would stand answered.

    Remember Cayman does hundreds of these structures every year – the expertise is right here. What Bo is doing is mobilising the resources-  not trying to run it himself – but putting together people with specific experience.

  2. Anonymous says:

    Why is everyone fixated on Pension money ? This fund will work without touching pensions- Cayman is AA rated and should have no trouble raising private / hedge fund type money. Every major country in the world is using such funds because the govt is deep in debt. What Bo is suggesting is sound and will work as it does in other places. Not rocket science this.

    • Anonymous says:

      What income stream are you going to dedicate to this that is not already supporting the current debt.

      • Member of the CIIF presentation team says:

        Under FFR you cannot touch existing cash flows.So here are some ideas-

        1.The income stream for financing the airport revamp could be a departure tax specifically for the project – a cash flow which does not exist now

        2.The income stream for financing the waste mangmnt could be tipping fees + power generation sold to CUC – a cash flow which does not exist now

        3. The income stream for financing a sewerage project for e.g could come directly from the consumers – a cash flow which does not exist now

        4. The income stream for financing the Port could come from a specific landing fees for the ships that dock against a pier as against the ships that use tender- a cash flow which does not exist now

        Essentially all existing cash flows will be left as is thereby not threatening revenues for the government or jobs for the civil service. Those of us who are involved in the structuring of CIIF, do know what we are doing- as we do this for a living. We are members of Cayman's financial services sector working with Bo, as we think its a good idea.

  3. Anonymous says:

    The last thing we need is the politicians or "local experts" finally getting their hands on our money.  The pension mgrs are bad enough but at least my money won't end up taking the turtle farm off CIG's hands or in the form of a loan to some political cronie that will never be repaid.  I'll take my chances with the S&P 500 thank you very much!

    • Anonymous says:

      After reading your post I am reminded of a story I was told many years ago. It seems a local merchant was having trouble selling some locally grown beans;apparently his customers had become accustomed to beans imported from Isle of Pines ,Cuba,and when they were told that these beans had been grown locally they refused to buy them.Well this gentleman had an inspiration and put the beans in bags that said they were from Cuba.Guess what? the beans all sold out and no one complained about the quality.Apparently you have the same opinion about your money.i.e foreign is better (even it refers to losing your money).Go figure.


  4. Anonymous says:

    Should I make my check out to Bo Miller? Not today Bo Bo.

  5. Anonymous says:

    "Miller has a background in finance and accounting and operates businesses in financial services, hotel and condo tourism development, international trade, retail and environmental protection." O really? When did Bo Bo get involved in all of this? The condo tourism development yes, but hotel development, international trade, retail and environmental protection? I would love to see a breakdown and be given names of companies etc so that I can look at their background and economic standing to decide if he is someone I would want to be involved in the management of this type of public fund. The planned discussions should be interesting to say the least.

    • Anonymous says:

      who did you think brought Treasure Isle hotel here???? dont write silly things before you do your research!!!

  6. Anonymous says:

    Sure, invest in things that no one else will put up money for. What a great idea.

    • Anonymous says:

      Actually, this is the basis of the municipal bonds or "muni-bonds" market.

      • Anonymous says:

        Oh, the concept in principal is sound. The big question is, what does Bo really know ( beyond his election sound bites, which are more philosophical than anything else) about managing or shuks, even structuring such a fund.

        • Anonymous says:

          Bo has a team of bankers , lawyers and accountanats who are working for free to get this off the ground. Sweat equity is what they are hoping for. A smart man knows his limitations and picks people who can deliver.

        • Anonymous says:

          Given that you don't know the difference between "principle" and "principal", I suspect that you have no direct experience of international corporate finance projects.

      • Anonymous says:

        Yeah, except the municipal pension funds that put their money in bonds of their own municipality often and repeatedly get screwed. Put all your eggs in one basket if you want but not my eggs. 

    • Anonymous says:

      As expected, it's not a good idea because it comes from a Caymanian. How sad! And we as Caymanians are like crabs in a barrel when it comes to our own. What stupid people we are! If someone from the UK come by 6 months from now and tell us it's a good idea we will endorse it immediately. 

      • Anonymous says:

        You are welcome to put your money in – go right ahead!

      • Put Bull says:

        I would endorse anything suggested by the UK.

        • Anonymous says:

          Yes, you sound like someone who will be a loyal slave to the UK nationals. You go right ahead but this lady won't be following after you. That is why I have a Law Degree, as it prevents me from being fooled by expats like you.

        • Anonymous says:

          I think you forgot to include the "not" in your sentence.

      • Anonymous says:

        There are two types on this thread putting Bo down for this great idea.

        The dumb, narrow-minded,black crab caymanians. The Pension managers who dont want to give up all that gravy, they pulling in their pockets.

        To the narrow minded! the USA and UK use their pension funds to finance their infrstructures.

        This money is paid back to the pensions along with a high interest rate. Take that !!!

        You would rather give your pension contributions to foreign investors, than to invest it at home, that sounds so damn dumb and stupid.

  7. Anonymous says:

    If we had this years ago, Cayman wouldn't be in the situation it is in now where we don't control the majority of essential infrastructure companies. Politician continue to get rich off of the country. How else can people who come from nuttin and have no capital  become millionaire overnite?

    • Anonymous says:

      Good question! Take away the decision making for all capital project and large development,and not one caymanian will run for office.

    • Say Wha says:

      Just another pipe dream of a selected few!

  8. Anonymous says:

    Leave my pension monies ALONE