British Virgin Islands

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Tuesday, Feb 25, 2020

BVI still negotiating with UK over £300 million loan guarantee offer

BVI still negotiating with UK over £300 million loan guarantee offer

Premier and Minister of Finance Minister Andrew Fahie has said negotiations are still ongoing with United Kingdom operatives on Britain’s £300 million loan guarantee offer to the BVI for hurricane recovery.
The UK first presented the offer more than two years ago while the previous National Democratic Party government was still in office.

“The offer of the UK loan guarantee is still on the table. We are still in negotiation. We were hoping to have agreed to the conditions of the guarantee by the end of December 2019,” Fahie said while delivering his annual First District address in Capoons Bay on Saturday.

The Premier made it clear that while the BVI is in “full agreement” that the offer is “worth pursuing,” the territory’s technical negotiating team has been working hard to make sure that the outcome benefits the interest of the people of the British Virgin Islands.

“We have been writing both the governor and the UK government asking them both to reconsider the ambiguous terms expressed in some of the conditions of the offer. On our end, we have addressed all of the concerns that they have raised and we have done so in a respectful and professional manner,” he stated.

“I have personally reached out to our UK Prime Minister Boris Johnson to ensure that this matter has reached to the attention of the UK government, and I will leave no stones unturned in representing you my people of the British Virgin Islands,” Fahie added.

He continued: “We are mindful that you the people of the Territory did not elect us to tie your hands but to unleash the potential of the BVI in your best interest and that of future generations.”
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