$100M loan accessed, $10M drawn so far
The government has accessed a $100 million loan facility secured from the Canadian Imperial Bank of Commerce (CIBC), with an initial $10 million already drawn, Premier Dr Natalio Wheatley confirmed in the House of Assembly this week.
“The answer is yes. The government has already accessed a $100 million loan facility,” Dr Wheatley stated. He added, “A $100 million loan facility was signed on the 31st of October 2024 with the Canadian Imperial Bank of Commerce. A disbursement of $10 million was made to the government”.
The Premier explained that a prerequisite to obtaining the loan was the development of a comprehensive plan outlining intended infrastructure projects, estimated costs, and completion timelines. “This is aligned with the time period for full disbursement of the loan and was incorporated into the 2025 budget estimates with forward years,” he said.
Dr Wheatley noted that two projects originally identified under the agreement—the Joe’s Hill Manor housing programme and the removal of derelict boats—were removed from the loan plan, as they are classified as recurrent expenditures and are now being funded through the government’s recurrent budget.
For 2025, $29.02 million is now projected to be spent from the facility, with $52.02 million and $13.38 million allocated for 2026 and 2027, respectively.
Dr Wheatley also provided a breakdown of district-level projects to be funded under the facility, including the National Sewage Programme, social housing in Long Look, redevelopment of Elmore Stoutt High School, improvements to Dr D Orlando Smith Hospital, and upgrades to the Ralph T O’Neal Administration Complex and Terrance B Lettsome International Airport. All districts will also see water network improvements and primary road upgrades.
Dr Wheatley said the project list was based on “critical projects identified in the Recovery to Development Plan that had not been addressed over the years due to a lack of funding.” He added, “Finalisation of the list was determined through consultation with the ministries responsible for the respective portfolios, inclusive of the responsible ministers, and in response to the needs of the public”.
The Premier acknowledged that not all originally identified projects could be accommodated under the current loan. “Those remain candidates for future funding considerations,” he said.
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The Premier acknowledged that not all originally identified projects could be accommodated under the current loan. “Those remain candidates for future funding considerations,” he said.
So after concerts he has planned that will mean no money for roads, maintenance, water issues, West End Dock, Agriculture, Fisheries, Government Buildings.
Oh and of vourse money will continue to be found for the increasingly SECRET march towards and Airport Development for which vital reports have not been shown to the public because they clearly show that it is a bad idea on all 5 Green Book criteria. SECRETS SECRETS SECRETS.
Don’t trust S!0wW@nde with that money and no paper trail and governance around that cash. He is terrible with math and has no vision for this territory. What he needs to understand is that that money was taken for a specific purpose fixing the roads. Every delay is costing the place – all the cars that are experiencing damage and interest payments on idle cash
If flights went from 1 planned a day to up to 4 per day that shows a clear want and need for the service.
This premier is more interested in concerts. We need a infrastructure premier, simple.
We need our owed increments before 2027. That’s the message. That’s all.
On deposit at the Bank of Asia no doubt?
Showande you are a di**race and torally u**less.
Please please, spend this properly for the community and to better this country. A fair Tender process would be a good start instead of awarding your company for you to make a quick buck. I am exhausted with this entitled corruption going on.
At least we will see how our new COI reforms will take affect.
Into HOA members & their Friends & Family’s involvement in the Bank of Asia fiasco . As senior members of the FSC can’t possibly describe as independent .
There is some deliberate S**T GOING ON IN THE GOVERNMENT
will retroactive incerments for retired eduucators be finalized?
So let’s get this straight — borrow money at high rate and ‘deposit’ those monies at Bank of Asia and get low rate. Did someone flunk class? Let’s assume not. If not, then the truth is far worse…