Beautiful Virgin Islands

Friday, Dec 09, 2022

Gov’t seeking over $50M to continue recovery projects

Gov’t seeking over $50M to continue recovery projects

With the $65 million Caribbean Development Bank loan for hurricane receovery projects almost exhausted, the government is looking to secure another loan within the same price range to continue its recovery.
Premier and Minister of Finance Dr Natalio Wheatley gave that indication in response to a question from the local media at a recent press conference.

“I don’t want to give the specific amount, but it will be upwards of $50 million,” Dr Wheatley said.

The Premier had long stated that most of the projects from the $65 million loan have already been entrained, ongoing or completed; hence, the governments need to get more funding to continue the recovery process post-Irma and Maria.

The Premier did not indicate where the government would be seeking the loan from but he had already disclosed that the £300 million loan guarantee offer from the United Kingdom to continue projects is not something that is on the table or one the government is considering further.

Dr Wheatley noted that the loan would not necessarily be from the United Kingdom, but the Virgin Islands certainly would need to have a conversation with the UK government on borrowing because there is an agreement between the territory and the UK and they must communicate as it relates to the BVI’s fiscal position.
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