BVI News

CDB giving nearly $3M in loan, grants for cleanup

Premier and Minister of Finance Dr D Orlando Smith has announced that the Caribbean Development Bank (CDB) is lending the British Virgin Islands nearly $3 million for cleaning up the territory.

Dr Smith told members of the House of Assembly yesterday that $600,000 of the near-$3 million figure is being given as a grant for the three major weather events the territory experienced between August and September.

The BVI was rocked by a tropical wave in August and two category 5 hurricanes in September.

“The monies that were advanced from CDB were given because this is the amount that they have for emergency response. One is called The Emergency Relief Grant and that is $200,000 per event. There were three events, hence we got $600,000. The other is called Immediate Response Loan which was $2.25 million,” said Dr Smith who described the two million dollar sum as a soft loan.

The finance minister said he did not know how much the territory will have to repay the CDB for the loan.

“I would not have that figure at this time. If you wish to have it, I can get it,” Premier Smith said in response to questions from Opposition Leader Andrew Fahie about loan repayment.

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