BVI seeking greater access to concessional CDB financing
The government is seeking greater access to concessional financing from the Caribbean Development Bank (CDB) as it pursues funding for major infrastructure and development projects, Premier Dr Natalio Wheatley has said.
Speaking during a recent press conference, Dr Wheatley said discussions with CDB officials formed part of the territory’s engagement at the bank’s 56th Annual Meeting of the Board of Governors, held in Nassau, Bahamas, from June 1 to 5.
The Premier said he attended the meeting alongside Financial Secretary Jeremiah Frett, where the delegation held bilateral talks with CDB President Daniel Best and members of his team.
“Among other things, we discussed the Virgin Islands current loan portfolio, potential financing of the extension of the runway at the Terrance B Lettsome International Airport, and the Virgin Islands greater participation in the CDB’s Special Development Fund that provides concessional financing to borrowing member countries,” Dr Wheatley stated.
The Special Development Fund is the CDB’s largest source of concessional financing and supports development projects in eligible borrowing member countries through loans and grants offered on more favourable terms than conventional financing.
Premier Wheatley said the government also intends to deepen its partnership with the regional development bank by updating the territory’s engagement framework.
“Building on the strong partnership between the Virgin Islands and the CDB, we are preparing to invite the CDB to update its country engagement strategy for the Virgin Islands that will provide more opportunities for technical assistance and other facilities available at the bank,” he said.
The Premier also highlighted the participation of the territory’s youth representative, Fina Andrews-Paul, at the CDB Youth FIRE Forum, describing her involvement as a positive development during the annual meeting.
The discussions on development financing formed part of a broader programme of regional and international engagements undertaken by the Premier in recent months. Dr Wheatley said these engagements included meetings with regional leaders through the Organisation of Eastern Caribbean States and CARICOM, where development financing, climate resilience, food security and economic cooperation featured prominently.
The Virgin Islands has previously partnered with the Caribbean Development Bank on infrastructure and institutional development initiatives. The government has increasingly looked to multilateral development partners for financing and technical assistance as it advances projects in infrastructure, climate resilience and economic development while maintaining compliance with its public financial management obligations.
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Nothing is being completed all he doing is starting this project here and starting this project there and when it get closer to election he going to come singing give me and the gang FOUR(4) more years people to finish and people is going to be like fools and vote for them and forget the 3 and a half years we had bad roads and they wasnt listening to us about anything, i know for sure i wouldnt and water cant even stay on for 3 days straight, remove them!
I keep hearing about government plans to secure more funding, more loans, and more financing for future projects, but I cannot help wondering why so many of the basic priorities outlined in the Virgin Islands Party’s own manifesto remain unresolved.
They promised us reliable access to potable water, a stronger economy, food security, affordable living, improved infrastructure, better healthcare, and greater opportunities for our people. Yet years after re-election, many residents are still struggling with high food prices, rising utility costs, inconsistent water access, and an overall decline in quality of life.
I am not opposed to development or investment. However, before seeking funding for additional large-scale projects, shouldn’t the government first demonstrate meaningful progress on the issues affecting people’s daily lives? What good is talk of expansion and development if residents are still worried about whether they will have water in their taps, whether they can afford groceries, or how they will pay their electricity bills?
To me, the real measure of success is not how much funding a government can secure. It is whether ordinary people can see and feel improvements in their everyday lives. Currently, many people cannot see or feel any sort of improvement.
The question we should now be asking is simple: if these were the priorities that earned the government another term in office, where are the results? And how much longer are residents expected to wait before these promises become reality rather than campaign commitments?
Why should we allow you natalio to get your hands unto destroying more finance then say you had no idea about it like the bank of Asia and Jamaican company?
Any more money handling should be under the competent handling of Lorna smith a person with a finance degree.
Not a person who has a PhD degree derived from English literature.
Cayman got the last laugh with the loan guarantee from the UK.
BVI got a duck egg that everybody fighting to fry.
Look at the newly ‘surfaced’ road going from Purcell up to Bellevue … the new paving/surfacing, not even 48 hours old, is already beginning to ripple and slip. The incompetence is STAGGERING!!!
Seriously, WTF is wrong with our Gov’t? Same things OVER AND OVER AND OVER AGAIN!! Does anyone gives a $hit??!
I want to think that this present finance minister is the worst the bvi have ever seen and he keep going at .he has done almost everything to vote him out of office next election. is he trying to get new money to bribe the people with?? the bribe is what causes this same vip to be in office a second time around. no more money for you Mr finance minister. no more.
Another way to take from Peter to pay Paul. Disgraceful. Get you and your cronies out first and let others try to put the house back together with transparency and accountability.
I know what would help get access to funding; a US$400m loan guarantee from the UK.
It would make the interest rate much cheaper; and the UK would probably insist on the work being done properly by competent contractors.
They might even insist that there be certified inspections before stage payments were made.
If only we’d been able to get something like that after Hurricane Irma! We might have got a lot of really good infrastructure.
Look who went to Bahamas to negotiate finances for us. Two very clueless men! We need help and delivery from Natalie and his gang. VIP must go!
What happen to the Pensioners money ??
No one is saying a thing .. I hope is not out of ours money they invested (2.5) millions .. I smell the Rat …