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by pltm
(PLTM) - The United Kingdom (UK) government has given the BVI $31M in grants, which will go towards its recovery, announced Premier and Finance Minister, Hon. Dr. D. Orlando Smith.
This money is not part of the loan guarantee of £300 million and £10 million in grant, which the UK has offered the BVI and which are also tied to rigid rules.
“Her Majesty’s government has contributed significantly to our security, and as well as giving grants of up to $31 million dollars, amenable to guaranteeing further monies up to $400 million dollars for our development,” he said in a statement on Thursday evening, February 22.
He added, “This too, will have a tremendous social and economic development impact on our country.”
The Finance Minister also mentioned the $65 million dollar loan from the Caribbean Development Bank (CDB), which he said will go a long way towards restoring and improving the infrastructure.
The BVI government has since moved to formally establish the Recovery and Development Agency (RDA), which is geared towards ensuring that the recovery plans be delivered in a transparent and accountable manner.
The recovery money will be stored in a Trust Fund and the Agency will have the responsibility to use the funds from the trust for the BVI Recovery and Development effort only.
Also, the Agency will by statute be required to report to the public in the most transparent and coherent manner, the activities associated with the Agency’s recovery efforts.
Government is currently holding consultations with the public about its proposed five-year $721M Recovery and Development Plan. The plan will not take effect until it is approved by the House of Assembly.
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