Invest SVG has signed a memorandum of understanding (MOU) with Luxembourg-based real estate developer Nativo Group to advance the development of a new eco-resort, SOMA Mayreau, along with other sustainable initiatives aimed at regeneration and environmental conservation.
The agreement, which establishes a framework for cooperation, was signed in Kingstown on Sept. 30 and builds on existing master planning and technical studies, supporting the government’s focus on promoting sustainable development practices to advance the country’s tourism sector.
The Agency for Public Information (API) says SOMA Mayreau is a proposed 100+ key hospitality destination bringing together guestrooms, hotel villas, wellness, dining and marine experiences.
The eco-tourism project represents a planned investment of approximately US$100 million in the Grenadine island.
It is intended to be privately financed through a combination of foreign private investment and commercial bank financing, without reliance on government funding.
Construction is scheduled over 24 months and will support local employment, skills development and purchasing during construction, while creating increased year-round demand for local transport, marine services, food and beverage, and the wider tourism economy.
“Mayreau is one of the treasures of Saint Vincent and the Grenadines. Any significant investment on the island must respect its character, its environment and, above all, the interests of its people,” Dwight Fitzgerald Bramble, minister of foreign investment, with oversight of Invest SVG, said.
“What is encouraging about the SOMA Mayreau proposal is the attention being given to the responsibilities that come with developing on a small island. Reliable infrastructure, responsible waste and water management, jobs and training, while providing a meaningful voice for residents that must be part of that work.”
Along with the development of the eco-resort, Nativo has prepared an integrated water, waste and resource management strategy to reduce waste at the source and retain useful materials on Mayreau.
These strategies are intended to complement proposed community initiatives such as the restoration of the historic Mayreau Parish Church complex, village improvements, water and energy resilience, food production, apprenticeships and environmental restoration.
Priorities would be agreed through community consultation, with appropriate governance, funding and delivery arrangements, the API said.
CEO of Nativo Group, Danny Germaine, has affirmed that their ambition is to create an exceptional hospitality destination that feels a part of Mayreau unmistakably.
“The measure of success cannot simply be the hotel we create. If we are going to build and operate here for the long term, the investment has to create meaningful opportunities for the people already living and working on Mayreau,” Germaine said.
“We want SOMA to contribute positively to the island, economically, environmentally and as part of the community,” he said.
The MOU marks the next step in an already advanced programme of work around the eco-tourism project, and underscores Invest SVG’s commitment to the facilitation of meaningful foreign direct investment initiatives in SVG, API said.