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UK Prime Minister offers £300m in loan guarantees

UK Prime Minister Theresa May (Getty Images)

British Prime Minister Theresa May has offered the BVI government more than £300 million in loan guarantees and grants for reconstruction efforts.

Effectively, a loan guarantee is a promise by one party (the UK government) to pay the debt of a borrower (BVI Government) if that borrower defaults.

The Prime Minister made the offer today at a meeting with leaders of the British Overseas Territories.

A breakdown shows that the BVI will receive a reconstruction package of up to £300 million in loan guarantees, and £10 million in grants to support recovery.

Premier Dr D Orlando Smith said the funds will accelerate local recovery and stimulate the economic growth.

“I am pleased that the UK Government has responded to the BVI’s request for a recovery and reconstruction package to support the Territory’s recovery in the aftermath of hurricanes Irma and Maria,” Dr Smith said.

The Premier added: “I am pleased that the hardworking and resilient people of the BVI continue to steadfastly rebuild our Territory. UK’s financial support will help to ensure that further financing is available to support our efforts and the significant action needed for BVI’s recovery. I’m looking forward to working together with the people of the BVI;  along with all our partners to ensure that we rebuild BVI better, stronger, greener in a sustainable and resilient manner.”

Premier Smith is currently leading a BVI delegation at the annual Joint Ministerial Council in London between UK Ministers and OT Leaders.

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