Deputy Premier mulls Investment Club for D7
The Deputy Premier made the disclosure on March 21, 2019, last, when he appeared as a guest on ‘Umoja’ a local radio programme hosted by Cromwell Smith aka Edju En Ka.
Villas
In addition to the establishment of the Economic Committee, the Deputy Premier in expanding on the idea of an Investment Club opined, “I am thinking we can get 100 persons who will give $100 a month.”
He explained that each month this would equate to $10,000 and annually $120,000.
This money, he said, can be invested into projects such as ‘Villas’ to complement the Tourism product in District Seven.
“We have lots of nice land in the Seventh District; let’s build a villa and let’s using the AirBnB technology (to) see if we can add some more rooms to the Tourism product in the Seventh District…I think the possibilities are endless.”
He told the host—and listening audience—such a venture would be owned by the Investment Club.
Capital
According to the Deputy Premier, there are a number of persons in the Territory—namely the District—that would like to get into business but lack the financial capital to make an investment
Dr Wheatley said, with an Investment Club, resources can be pooled.
“If we pool our resources there are a lot of opportunities that will be available to us.”
He pointed to the success of the BVI Investment Club as an example, reminding that it did not start off with many persons with lots of money.
“When you pool your resources you have a greater opportunity now to go to the bank to be able to get some funding to make your dreams into a reality,” Dr Wheatley posited.
Deputy Premier Wheatley did use the occasion to point out that given the relationship between the East End and Long Look Communities—Eight District—then perhaps the Investment Club could facilitate both Districts.
He suggested too that the concept of an Investment Club could also be replicated across the nine districts in the Virgin Island.
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