WILLEMSTAD - The Netherlands has extended an offer to lend €600 million to Curaçao, aiming to rescue Ennia, the insurance company facing a critical juncture with two potential outcomes: either a restart or bankruptcy.
With the weighty backing of the Dutch government, Ennia seems to be on the path towards the more optimistic scenario of a restart. The anticipated revival is projected to come into effect starting January 1, 2024, as delineated in a preliminary agreement.
The agreement also outlines that should Ennia be sold in the future, the resulting proceeds would automatically serve as repayment to the Netherlands for the loan. Furthermore, the loan agreement was the product of negotiations within the Dutch Council of Ministers. It has been positioned as a prerequisite for affording Curaçao additional time to reimburse the liquidity support it had received during the height of the COVID-19 crisis, alongside Sint Maarten.
However, the final verdict remains pending, contingent on the approvals of both the Curaçao and Sint Maarten governments, regarding the proposal put forth by the Netherlands.