CDB Earmarks Nearly $3M In Soft Loan, Grant For Clean-Up

Sherine Williams, Journalist | 0 Comment
November 13, 2017 6:56 pm AST
Photo Credit: Sherine Williams/BVI Platinum News
The Caribbean Development Bank (CDB) has earmarked some $2.85 million in the form of a soft loan and grant, which the government will use to pay for clean-up activities across the Territory. A soft loan is one which has terms favorable to the borrower.

When the Premier made the announcement in the House of Assembly on November 13, Opposition Leader, Hon. Andrew Fahie, asked why government chose not to consult with the House of Assembly before deciding how much money was needed for clean-up activities.

In response, Premier Smith said the $2.85 million was what the BVI qualified for in light of the disasters that hit the Territory (flood, Hurricanes Irma and Maria).

"...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 $200,000 per event. There were three events, hence we got $600,000. The other is called Immediate Response Loan which was $2.25 million," Premier Smith explained.

The Premier said the funds from the CDB will be used to assist with paying heavy equipment operators who have been carrying out clean-up activities since the passage of the two storms.

When asked how much the BVI will have to repay the CDB, the Premier couldn't provide that figure.

The Premier said another $3 million will be taken from the BVI's Reserve Fund to assist with paying heavy equipment operators.
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