More roadworks to commence across the territory
The Ministry of Communication and Works announced on Friday, November 8, via its Facebook platform, a series of roadworks set to take place across the Territory.
According to the bulletin, work will begin in Lower Windy Hill with the construction of a retaining wall, expected to last six weeks.
Additionally, the Ministry stated that a section of Ridge Road would be closed from Friday, November 9, to Monday, November 11, at 7 a.m. “Following this initial closure, work will continue on Monday, November 11, for two weeks, during which there will be one-way access available,” the bulletin read.
The Ministry also announced trenching operations from Paraquita Bay to Hodges Creek Road, which began on Saturday, November 9, and is expected to last three weeks.
Motorists are advised to exercise caution, adhere to traffic signage, and consider alternate routes to facilitate traffic flow.
Premier Natalio Wheatley, who also serves as Minister of Finance, previously stated that $35.8 million of the $100 million loan secured earlier this year would be allocated to roadworks, with additional funding from the Transportation Improvement Network Funds.
The loan is intended to address the territory’s urgent infrastructure needs. It is the largest in BVI’s history, to be repaid over 10 years at a 6.5 percent interest rate, with an option for renegotiation after the initial period.
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Tortola is a dump
Yeah just when the tourist season start
$100 million loan payable at 6.5% interest in 10 years!! That’s a lot of interest! Somewhere around $36.2 million dollars which is more than a third of the principal!
BVI could be in serious debt by the 2030’s
Good point! Loan is basically to a 36% simple interest on $ 100 mil in 10 years! But don’t forget that there’ll be a monthly note of $ 1,135,500, every month, every year until 2034. Works out to $13.6 million a year, or a 3% increase to the Territory’s GDP. So far little seems to have been published as to where the money for the monthly note is coming from.
Consider too that the loan terms are evidently negotiable. So too many defaults will lead to higher interest rates, and we all know the Territory’s history regarding fiscal management and accountability.
During November mtge rainiest month of the year. Lol
A large portion of the asphalt is used to pave private residence driveways while the potholes remain on the main roads. We have started the tourism season and destroyed all the main accesses towards the eastern and of the island. The vast amount of potholes going up to the Bellevue area is ridiculous.