BVI News

Problems solved: CDB president visits BVI, irons out challenges

CDB President Dr William Warren Smith. (CDB photo)

The challenges between the Caribbean Development Bank (CDB) and the British Virgin Islands have been ironed out and business between the two is now expected to run more smoothly.

This is because of a ‘courtesy call’ CDB President Dr William Warren Smith made to the BVI late last week.

“We are satisfied that during the course of this visit we were able to identify the difficult areas and we are pretty confident that we’ll be able to move forward with a [quicker] pace following this visit,” Dr Smith said after meeting with a number of local officials.

Communication challenge cause delay

The CDB had approved a $65 million reconstruction and redevelopment loan for the BVI nearly a year ago but no monies have been released to the BVI because the funds have been tied up in accountability procedures.

Speaking with local media recently, Dr Smith said the duration of those procedures did not have to be as protracted as they have become.

He blamed the delay on a “communication challenge” between the bank and the BVI.

“In other words, I don’t think that we have been sufficiently engaging when we run into a problem so what has happened is that we find ourselves in a position where there is something that needs to be fixed and it waits too long until the perfect solution can be arrived at whereas, if we had acted more proactively, we could have resolved the problem and moved on,” he explained, adding that the CDB is ‘very anxious’ to release the monies so the BVI can begin its redevelopment projects.

“That’s the business we are in and it’s our desire to work as effectively and efficiently as we can with our clients,” he said.

During his BVI visit, the CDB boss met with the Recovery & Development Agency, Governor Augustus Jaspert, Premier Dr D Orlando Smith, and the Finance Ministry. All concerns have now been resolved, the CDB boss said.

Just last month, the CDB came under criticism from Minister of Education,  Myron Walwyn, for not releasing the funds needed for territorial rehabilitation and reconstruction.

Projects to be funded by the bank’s $65 million loan will include road rehabilitation works, construction of schools and coastal defences, improvement of water and sewerage facilities, among other things.

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19 Comments

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  1. Gandalf says:

    Well maybe you should audit your accounts and keep them up to date for one! Not be a decade behind so you can’t recall why so many line items do not match up!
    I am certain there are a myriad of other items Government has failed to provide too. I’d be astonished if any of the delays are of the bank’s making! Government here is a disgrace! Just when you think they cannot get any lower ………… 🙁

    Like 24
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  2. Clearly says:

    The NDP has messed up again

    Like 8
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  3. WoW says:

    You know sometimes you just have to shake your head in amazement…CDB was blamed but people with sense would have known better. WE!!! are the obstacle in our recovery!

    Like 14
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  4. Hmmmm says:

    This loan was received in December 2017. Now 9 months later and the NDP government has not accessed a penny. We the people are not foolish. We understand clearly that the NDP are poor financial stewards of our tax money and it is simple as that. This is why it is taking so long for them to access this loan fund.

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  5. SMDH says:

    All I am seeing is that the government can’t get to go with this money how they are accustom of doing because of the requirements.

    Like 14
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  6. People wake up says:

    The NDP cannot get to this money but yet we the tax payers done pay back over three hundred thousand dollars in interest on this loan fund and not a thing has been seen done from this loan. This is unacceptable!!!

    Like 9
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    • Jokes says:

      What taxes? The 8% payroll tax we pay to the Government probably pays the rent and a few salaries. Please stop the foolishness as if we pay any damn taxes around here….

      Like 9
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      • Rubber Duck says:

        Employers payroll contribution, social security, NHI, import duties of up to 20%, Hotel tax, cruising permits, land tax, stamp duty. No taxes? .you are kidding.

        It actually costs more in taxes to employ someone in the BVI than in the UK.

        Like 1
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  7. Come on says:

    Is this the best spin the NDP could do on this one? It is clear that the NDP MUST GO!

    Like 8
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  8. ndp heckler says:

    NOBODY DON’T TRUST THE GOVERNMENT

    Like 10
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    • Reporter says:

      Its that Simple. Would you Trust Lending your Clients money to another, who doesn’t ercall the last time their Spending and their Checkbook balanced/ Why would you?
      Banks earn their moneys by making loans; but to Responsible Borrowers.
      Leadership matters. S—of get off the pot–

      Like 6
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  9. Wow says:

    Did you read the article? CDB are accepting the blame for the delay. WTF?

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  10. Hmm says:

    Governor I hope this money is been spent by the recovery Board.

    Like 7
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  11. Brad Boynes says:

    That loan should bexpect managed by the Recovery Agency. Government CANNOT be trusted with our finance.

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  12. Reason says:

    The CDB boss came to see if a Recovery progect Manager is in place and would be able to conduct business with transparency.

    Like 7
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  13. Yep says:

    Yes, they don’t trust them that’s why they’re giving them $65 mil. That will teach them a lesson. LMAO! I swear to God some of you people are just amazing with the level of bs!

    Like 18
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