Governor Regrets BVI's Rejection of £300m UK Loan Guarantee Offer After 2017 Hurricanes
The Governor of the British Virgin Islands (BVI), John Rankin, has expressed regret that the BVI did not accept the £300 million loan guarantee offered by the UK after the 2017 hurricanes.
The loan guarantee would have allowed the BVI to borrow up to approximately $380-400 million to assist with rebuilding critical infrastructure.
However, the BVI government, led by former Premier Andrew Fahie, declined the offer.
While the UK is willing to be a guarantor for future borrowing, the BVI government would need to meet certain requirements for the UK to agree to this.
The BVI had requested grants and other financial assistance from the UK after the hurricanes, but the UK refused, citing the territory's robust economy.
Today, residents are growing restless due to the pressure on the already failing public infrastructure, and the Premier has indicated that borrowing is the only way to properly rebuild the infrastructure.
However, the BVI government, led by former Premier Andrew Fahie, declined the offer.
While the UK is willing to be a guarantor for future borrowing, the BVI government would need to meet certain requirements for the UK to agree to this.
The BVI had requested grants and other financial assistance from the UK after the hurricanes, but the UK refused, citing the territory's robust economy.
Today, residents are growing restless due to the pressure on the already failing public infrastructure, and the Premier has indicated that borrowing is the only way to properly rebuild the infrastructure.
