Monday, June 17, 2024
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HomeBusinessEconomyMontserrat US$46M port development now underway

Montserrat US$46M port development now underway

BRADES, Montserrat – The construction phase of the US$ 46 million Montserrat Port Development Project, which will increase accessibility and improve trade opportunities for the island’s residents, is now underway, following the official ground-breaking.

The project is being financed with £28.3M (US$36.8mn) in grant funding from UK aid through the United Kingdom Caribbean Infrastructure Fund (UKCIF) which is administered by the Caribbean Development Bank, and US$9.2M from the government of Montserrat.

The Project involves the development of climate-resilient port facilities which will enhance the delivery of port services, increase accessibility to the island and improve the country’s connectivity with the rest of the world. Montserrat will also benefit from better access to goods and services for citizens, expanded economic activity and increased trade.

Speaking at the ground-breaking ceremony held at the Montserrat Port Authority in Little Bay, CDB’s vice president, operations, Isaac Solomon, said:

“In this global environment, countries must be able to trade efficiently in order to prosper. The Montserrat Port Development Project will be one of the largest projects implemented in Montserrat in recent times and, on completion, it is expected that this new facility will provide direct, positive impacts on the economy through the potential for increased employment, improved productivity, and overall improvements in the business environment in Montserrat.”

Governor of Montserrat, Sarah Tucker, said:

“The UK government understands how pivotal the Little Bay Port Development Project is for Montserrat’s revitalisation, economic development, and sustainability. As governor, I was so pleased to receive confirmation that the UK was able to make a tangible demonstration of its continued support for our wonderful Island, by increasing the funding for this project from £14 million to over £28 million.”

The £350 mn UK Caribbean Infrastructure Fund (UKCIF) provides grant funding for climate-resilient infrastructure projects in nine Caribbean countries.

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