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BVI gets US$3-million CDB loan for clean-up

November 15, 2017 8:33 AM
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TORTOLA, British Virgin Islands (CMC) — The Barbados based Caribbean Development Bank (CDB) will be lending the British Virgin Islands US$3 million to clean up the territory in the aftermath of three major weather events earlier this year.

Premier Dr Orlando Smith told legislators on Monday that US$600,000 of the amount is being given as a grant .

“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 US$200,000 per event. There were three events, hence we got US$600,000. The other is called Immediate Response Loan, which was US$2.25 million,” said Smith, who described the US$2-million 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.

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

Source: jamaicaobserver.com

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