Augustus Limited, which is based in Austria, is expected to pump in $500 million (approximately K900 billion) into various projects with the aim of boosting tourism on the island district.

Speaking Tuesday at Ulisa Bay on the island, one of the directors of the company, Ambassador Matthias Spies, said some of the facilities to be constructed through the project include a hotel with a cruise port and marine, hotel and bars, five-star hotel with a world class casino and residential apartment villas.

“The purpose of the project is to develop the island to become one of the top holiday resort and destination in Africa.

“To face list the district to meet the required tourism standards, we will also construct an airport, new road network, sports arena, shopping mall, golf course, renewable energy park and aqua plant,” said Spies.

Linda Creevey, who is also a director of the company, said money for the project is readily available and the project is expected to start soon.

“We are ready to start the project and we will be coming to the island in three-months’ time. We also intend to build a school and a hospital for the community as part of our corporate responsibility,” said Creevey.

Chairperson for Likoma District Council, Ernest Gulu welcomed project, describing it as a timely initiative in promoting tourism on the island and the country as a whole.

“This project has come at the right time. We are blessed because apart from attracting other investors, the project will create employment and expand the council’s revenue base,” said Gulu.

According to Public Relations Officer for Ministry of Tourism, Joseph Nkosi, the ministry is aware of the investment.

Nkosi said the Ministry awaits the Ministry of Justice and Constitutional Affairs to vet the submitted Memorandum of Understanding between the ministry and the investor before sharing more details on the same.