BVI News

Recovery for next 5 years to cost over $721M

Restoring and developing the British Virgin Islands over the next five years is estimated to cost more than $721 million.

This is according government’s proposed recovery and development plan for the territory, which was made public this month.

The proposed plan, which is in its preliminary stages, stated that the over-$721 million sum will be financed by a combination of grants, loans, insurance, statutory borrowings, government spending, private sector partnerships, and support from non-government organizations (NGOs).

A breakdown of where the funds will originate shows that government plans to contribute $58.6 million from its own coffers and will borrow an additional $221.7 million for the recovery efforts

Some $56.7 million will be financed through insurance, and government is seeking another $52.7 million in grants.

Government is then banking on the private sector, NGOs, and statutory sources to rake in a combined total of $331.3 million.

“The Government is also exploring the available options to increase revenue, improve public sector efficiency and reduce recurrent expenditure,” government said in its proposed recovery plan.

The House of Assembly has already approved for government to borrow a sum not exceeding $65,291,000 from the Caribbean Development Bank (CDB).

In the meantime, the funds for recovery efforts will target five main areas – infrastructure, human and social services, business and economy, governance, and natural resources and climate change.

Below is a further breakdown of how the monies will be divided:

Business and economy – $262,950,000
Infrastructure – $216,210,000
Human and social services – $136,493,600
Governance – $79,669,920
Natural resources and climate change – $25,981,000

Cost estimates from government’s five-year recovery plan. (CLICK FOR WIDER VIEW)

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