CFAS were appointed financial advisors to the Ministry of Finance of Anguilla following a competitive international tender process. CFAS were retained to carry out Debt Management Studies in three phases;  a Short Term Debt plan, a Medium Term Debt Management Programme and thirdly an analysis of six key state entities in order to identify those most suitable for structuring as PPP Concessions.

Following this, CFAS was to start immediately on implementation of the first two projects under PPP structures. Work started on the new Blowing Point Ferry Terminal, but policy changes led to this work being temporarily postponed. Subsequently, extensive damage caused by Hurricane Irma led to the project being revised for implementation under UK Grant Aid. The second project is the Clayton J. Lloyd International Airport expansion project and work on the initial phases is currently in progress


Healthcare – Retained by the Office of the Prime Minister to carry out a benchmarking study on the planned capacity of the new Mount St John General Hospital; to review and pronounce on the competitiveness of private sector credits to the project; to assess the capacity of the National Medical Benefits Scheme (Universal Medical Insurance Programme) to fulfil its financial obligations under the loan agreements contracted by the Government to finance construction of the Hospital; and to make recommendations on alternative and supplemental means of financing construction, equipping and operating the hospital facility.


Aviation – Financial Advisors to the Aruban Government on the successful rescue of Air Aruba, the national airline, including the process of assumption of control by Government, recruiting a new management team, complete renegotiation of all debt, negotiation with aircraft manufacturers and airliner leasing groups for the re-equipment of the airline’s fleet of aircraft, and recovery to viability in preparation for privatisation.

Debt Restructuring; Financial Advisors to the Government on management of state borrowings from the NIB of the Netherlands and divestment of three Italian (SACE) and Dutch export credit guaranteed private sector hotel projects rescued by Government and successfully resold.

Financial – Assistance to the Government in developing a new banking law for the AVV corporate entity and the new bank supervision agency (acting as members of the Government’s Joint Financial Sector Commission).

Planning – retained by the Office of the Prime Minister for advice on the strategy for tourism sector expansion.

Desalination Plants – financial advice – Aruba; Water & Electricity Board (‘WEB’).
and Curacao; Aqualectra.


Appraisal with Latinvest / Banco Icatu of tactical options, resource requirements and privatisation process in preparation for advising BNDES, Brazil, on the privatisation of Embraer.

Advice and preparatory work on the proposed Brazil/Guyana highway from Boa Vista to Lethem.


Hato Airport, Curacao: Financial Advisors to Curacao Airport Holding on behalf of the Government in connection with the successful acquisition of control of the airport Concession from Alterra by A-Port, a consortium controlled by Zurich Airport and Camargo Correa of Brazil

ALM – assistance in the recovery of blocked foreign currency assets of ALM.

Curacao Port Authority – advisor on foreign joint venture partnerships.

CDM Curacao Dry Dock advice on international dry dock partnerships.

Curacao – assistance to the Island Government in planning and hosting a Trade Mission to London.

Advice on structuring of the acquisition of two Guyanese rice estates by a Surinamese company for processing in Curacao and re-export to Europe.

Assistance to Curinta NV on the recovery of outstanding amounts in respect of certain airline charges at Hato Airport and successful recovery of all balances due to the airport company.

Caribbean Development Bank

Caribbean Development Bank, assistance to UBS, the lead manager of the successful Bond issue for the CDB in 2004 and more recently the US$120 million Note issue in October 2009; subsequently, assistance to BNP Paribas lead managers of the 2011 FRN issue of US$175 million for the CDB

Posted in CDB


Assistance to the Government team in designing the successful programme for exchanging foreign trade arrears for high yield domestic Quetzal denominated debt. This was tradeable and enabled local investors effectively to buy out foreign debt. The programme also included study of the option for local investors to use such paper in payment for shares in privatisations.