TORTOLA, BVI – The government of the BVI has sign the largest loan agreement in its history, with CIBC First Caribbean (Cayman) Limited in the amount of $100 million.
“The projects identified to be funded with proceeds of this loan supports our National Sustainable Development Plan, which is the roadmap for development in the Virgin Islands through 2036. Each project is mapped against the National Goals and Outcomes of the NSDP,” announced Natalio D. Wheatley, Premier and Minister of Finance.
Three projects are included in the loan under National Goal #1 Health and Wellness:
- The Dr D Orlando Smith Hospital Improvement Plan; 2: Construction of an Almshouse in Long Look; and, 3: The administration of a Crown Property Programme.
Under National Goal #2 – Education and Learning; the loan will fund the Construction of the Virgin Islands School of Technical Studies Building on the Elmore Stoutt High School Campus.
There are six projects under National Goal #4 Infrastructure:
- Water Network Improvement;
- The National Sewerage Programme in Cane Garden Bay;
- And, East End/Long Look;
- Road Town Improvement Plan;
- Reconstruction and Improvement of Roads throughout the Territory; and,
- Terrence B. Lettsome International Airport Development Projects.
There will be two projects under National Goal #5 Good Governance and Leadership:
- Construction of National Immigration Detention Centre;
- Restoration of the Ralph T. O’Neal Administration Complex.
National Goal #6 Environment: Removal of Derelict Vessels throughout the Territory.
Financial secretary in the ministry of finance Jeremiah Frettre marked during the signing ceremony:
“In the aftermath of the 2017 flood and hurricanes, our government took decisive action to rebuild and restore our infrastructure. We secured significant funding, including a substantial loan from the Caribbean Development Bank, to support these efforts. While these funds have been vital to our recovery thus far, the rising costs of essential services and infrastructure projects have placed a significant strain on our resources.
“To address these challenges and continue our progress, the government of the Virgin Islands has now secured a $100 million credit facility from CIBC FirstCaribbean International Bank (Cayman) Limited. This financing will enable us to undertake a range of critical infrastructure projects that will improve essential services, and repair and modernize public facilities. These projects will not only stimulate economic growth, but also create jobs.”
Financial secretary Frettre, continued:
“The government has carefully prioritized these projects to maximize their impact on our community. In addition, we have engaged in extensive consultations with stakeholders to ensure that our investments align with the Territory’s long-term development goals through the National Sustainable Development Plan.
“It is important to note that we have taken a fiscally responsible approach to securing this financing by ensuring it conforms with our Medium-Term Debt Strategy and Medium-Term Fiscal Plan. The terms of the loan are favourable, and we have implemented robust measures to ensure that the funds are used efficiently and effectively.”
“The new credit facility” says the financial secretary, “represents a significant milestone in our journey towards a stronger, more resilient, and prosperous Virgin Islands. We are confident that these investments will benefit the people of the Virgin Islands for generations to come.”
