The Construct Antigua and Barbuda Initiative (CABI) is a collaborative effort between the Government of Antigua & Barbuda and the Antigua Barbuda Investment Authority (ABIA) implemented in August, 2011.
Originally, CABI was an eighteen (18) month initiative designed to stimulate growth in the construction sector and to garner confidence in the economy. The initiative is now expected to extend beyond the year 2013. This expansion is intended to further encourage economic stimulus.
Administrative Support Officer within the ABIA Ms. Olivia Smith says that over one hundred and seventy (170) applicants have applied for CABI so far. A total of one hundred and ten (110) applicants have been approved.
Companies which have come on board with CABI include: thirty-five (35) hardware stores and aggregates, nine (9) financial institutions, four (4) insurance companies and a number of contractors.
According to Ms. Smith, the contractors who have registered with CABI have agreed to lower their labor costs as a further incentive to home builders.
Architects and attorneys have also registered with CABI and the initiative has begun to accept applications from Pool suppliers.
Under CABI, potential homeowners and participants are entitled to government incentives including zero Revenue Recovery Charge (RRC), Antigua & Barbuda Sales Tax (ABST) and discounts on all building materials procured locally as well as reduced rates from the local banks, insurance companies, aggregate suppliers and contractors registered with the ABIA. The CABI program also applies to citizens living abroad.
At present CABI has successfully contributed a total of 70 million dollars to the local economy.