BVI News

Gov’t asks UK to create a Sustainable Development Fund for OTs amid Brexit

Premier Fahie

Local government has suggested to the United Kingdom (UK) to establish an alternative funding entity to replace the funding it usually received from the European Union (EU). 

While the BVI will still access EU funding for current projects, the territory will not receive EU funding for future projects. This is because the BVI lost its ‘Associate Status’ with the EU when the UK exited the Union in a process called Brexit on Friday, January 31, 2020.

Following Brexit, Premier Andrew Fahie said there will be implications on the BVI that extend to international relations and development cooperation.

“Politically, the BVI has enjoyed Associate Status in the EU as one of the Overseas Countries and Territories (OCTs) directly associated with the bloc. Our Associate Status has entitled us to EU funding with which to tackle issues such as climate change, sustainable energy and marine biodiversity; and also recovery after Hurricanes Irma and Maria,” Premier Fahie stated.

“We lose our Associate Status in the EU and will have no access to the next round of EU funding earmarked for the French, Dutch and Danish Territories we leave behind. This is very unfortunate since the BVI is eligible for little other development assistance,” he added.

No other eligible funding options

Premier Fahie, who is also the Minister of Finance, further stressed the importance of the territory having access to an alternative funding mechanism, since the BVI is not eligible for funds elsewhere.

“In terms of replacement EU funding, your government has officially recommended to the UK that it create a Sustainable Development Fund for all Overseas Territories from which to fund climate change, biodiversity and sustainable energy projects,” he added.

The EU funds have helped to finance a number of rehabilitation projects in the BVI; including building elements of the H Lavity Stoutt Community College, and most recently the gifting of €2 million to rehabilitate 10 emergency shelters across the territory.

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  1. tru says:

    to solve this problem stop paying full pensions to people who are only 45 years old!

    You know they work for the government for 25 years then retire take a full pension and open a business or do another job.

    Pensions should only be paid to retired persons.

    This is why the BVI SSB is going to be broke, this needs to stop.

    Like 22
    Dislike 1
    • Diaspora says:

      @tru, you say, “to solve this problem stop paying full pensions to people who are only 45 years old!” Respect your opinion but IMO, it is not good move. This move will punish employee for meeting their contractual obligations. I say don’t punish the player but the game. It is not the employee(s) that the retiring system was so generous.

      The system can be fixed. It should structured so that an employee can retire after 25 years but it will be less attractive than if the same employee retire after 35 or 40 years. This change will require some “grandfathering” for some current employees but some current employees along with new employees will have to abide by the new rules. Additionally, I like the idea of establishing a “Sinking Fund” for retirees. This is not my original idea for another blogger that escapes me mention it in another blog. Anyway, I’m borrowing it.

  2. vip heckler says:

    I wonder when this one going back to the UK ?

  3. UK Based says:

    Why don’t the BVI just stop being hangers on to the UK and fend for themselves? Why dose the BVI offer the UK? Zilch. I wouldn’t give the place another penny

    Like 19
    Dislike 2
    • Layout says:

      The demise of the Financial Service sector has been known of for 8 years now and Brexit for 3 and a half. BVI have not exactly made any friends globally over this period and, Govt have done nothing to find alternative sources of funding. Unfortunately, the UK is now the payer of last resort. Giving money to “hangers on” however will never teach them to be self sufficient!

  4. Visit the EU says:

    OTs should come together and vist the EU and revise their relationship with the UK as a bloic – don’t sleep walk into disaster- Brexit is a terrible idea with very bad ramifications for all down the road

    Like 1
    Dislike 3
  5. UK Based says:

    Ohhh, they are eager for the down fall of the BVI, both those living here and abroad. Why?

    Like 3
    Dislike 11
  6. Michael Helm says:

    After Irma, the UK government extended a $400 million loan guarantee to the BVI, with the stipulation that all funds, donation, post Irma be administeed through the RecoveryDevelopement agancy. This boardhad representatives of the lending institutions, the UK government, with thehead of the board always being appointed by the BVI. All projects were to beproperly put out to bid and the disbursement of funds was to be after certification by the projects mangers, who had been appointed by the RDA.
    This was to stop the “petty contract” system where the work in broken down into little pieces, then the contracts are handed out by the polititions, and so very open to corruption not to mentionincreasing costs. An example oof this wasteful process is the comically wavy road from the East End brige to Lambert . be

  7. Jane says:

    If people paid a normal rate of tax then BVI government would have plenty of cash. Why should British people who all pay sales tax of 20% and income tax of 30-40% pay for BVIslanders who pay only 15% tax on their salaries? Time to grow up BVI, colonial guilt is only get you so far.

    Like 2
    Dislike 1
  8. What a ting ! says:

    I thought the BVI was so INDEPENDENT it does not need financial help from the EU and the work force from other islands , what a ting !! Stop burying heads in the sand . It was a bad move to let the RDA person leave . Ambition is made of sterner stuff . A young youth needs the experience of his parents to guide him along . Too much rookies in the govt needs experience people to
    Balance the major thrust . And that is not saying discrimination. It is saying wisdom
    And knowledge

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