By Davion Smith, BVI News Staff
The Caribbean Development Bank (CDB) is currently assessing whether the Recovery and Development Agency (RDA) is capable of managing funds from the $65 million they loaned to the BVI for rehabilitation and reconstruction.
Director of Projects at the CDB Daniel Best made that disclosure while answering questions from BVI News during the bank’s annual media conference in Barbados on Thursday.
He said the CDB is now awaiting a report from their team that recently concluded the evaluation of the RDA.
“Our team went in just two weeks ago and have done a comprehensive institutional assessment of that. They are actually preparing the report now so we are moving to that stage with respect to who manages various components of the project,” Best said.
“They will advise us accordingly on where the [recovery and rehabilitation] projects will go moving forward,” he added.
The Ministry of Finance is currently the agency in conduct of monies from the loan.
The CDB’s projects director further suggested that the bank is permitting central government to have control over the monies until their assessment has concluded.
Asked for a timeline in relation to when the RDA will be handed management of the funds — if they are determined to be competent enough, Best said: “I wouldn’t want to give you a date. The arrangement between the RDA and the government of the British Virgin Islands is a bit of an internal conversation. What we as a development institution needs to do is to ensure that the RDA is both competent and has the capacity to implement these projects once that arrangement is sorted out, and we have done that.”
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