Should we worry about WEB?

In principle we should worry about everything.

Then again it’s a mission impossible.

I watched a video interview last week where one of WEB NV’s professionals was sounding the alarm, he was preoccupied with WEB’s future ability to pay upcoming bills in 2020, stating that the company’s financial merge with its sisters Elmar & Utilities NV was taking too long.

I just couldn’t buy his reasons for crying wolf. What does he care? He is an employee. I hear they get paid well at WEB. So he might be functioning as a mouth-piece for some agenda, but who knows.

So, I asked.

From what I gathered our juice providers – WEB, ELMAR, managed under the umbrella of Utilities NV – are trying to strike a comprehensive JOINT financial deal for the three companies together, at more favorable terms. In the past those companies shopped for the financing of projects individually.

This time, thinking ahead, wishing to transition from burning dirty oil to using clean gas, the three entities have been negotiating with Finance Quest, a consolidated arrangement that would allow them to venture into the future with new equipment, in aspiration to LOWER the prices of electricity and water here.

The suggested deal involves up to ten banks and various financial institutions brought together by Finance Quest, a local company that already assisted in shaping AAA’s future, by financing the airport and its ambition expansion plans.

With the paperwork finalized and the partners waiting for the Central Bank’s license, the opposition reared its head. Of course, there is always opposition.

Which is understandable, BUT I hope these naysayers will not torpedo our future, the way the suggested Serlimar law just did, as the people representing us could not see eye to eye how to handle trash.

Apparently, the opposition wants to go the traditional route. Asking another, much-respected local institution, AIB, to do the job.

The Aruba Investment bank can also pull the deal together, with the help of local commercial banks, probably at less favorable conditions.

 So what’s my point: Why did you have to scare us half to death crying wolf?

When money is concerned you compare, conditions, requirements, interest, collateral, penalty, and obligations.

Then you do what’s right for the country.


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November 15, 2019
Rona Coster