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by pltm
(PLTM) - The British Virgin Islands Ports Authority (BVIPA) is seeking to borrow some $5.8 million from from FirstCaribbean International Bank, this in addition to some $50 million previously accessed from the Bank.
Today, September 13, when the House of Assembly meets for the first sitting of the fourth session, Premier and Minister of Finance, the Honourable Dr. D. Orlando Smith is scheduled to seek approval from the House to access the loan. It will be utilised to purchase equipment as well as the funding of interest and net swap payments, and guaranteeing a Line of Credit.
According to the breakdown of the request, some $2.1 million of that amount is to be used for the funding interest and net swap payments, while another $2 million is for guaranteeing a Line of Credit. The remaining $1.7 million has been listed for the purchasing of port equipment.
The Ministry of Finance has already accessed a $50 million loan from the bank for the extension and widening of the cruise ship pier and the creation of a real estate facility at Wickham’s Cay.
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