Parliament approves for borrowing additional funds of over $35M for road project on East Coast

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by: October 28, 2020

Parliament has approved for the Minister responsible for Finance to borrow, by means of credit, additional funds to the tune of EC$35,532,000 for the Disaster Vulnerability Reduction Project.

The project consists of rehabilitation works on the East Coast Roads of the Emerald Pool area through Castle Bruce, on to the Kalinago Territory and end at Paygua.

These funds will be borrowed with a three-quarter-of-one percent per annum interest.

“Be it resolved that in accordance with section (3)(1) of the loans Act Chapter 64 (05) of the 1990 revised laws of the commonwealth of Dominica, this Honorable House authorizes the Minister for Finance by means of credit, a sum not exceeding $9,400,000 special drawing rights, equal to USD$13,160,000 or EC$35,532,000 on the following terms, interest; three quarter of one percent per annum, commitment charge, half of 1 percent for annum; The grace period; 10 years,” Speaker of the House of Assembly, Joseph Isaac explained.

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Just last week, the Government announced plans for Major Rehabilitation works to commence soon from the said areas.

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The full total of the project is expected to cost $126-million, funded by the World Bank under the Disaster Vulnerability Reduction Project (DVRP).

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Meanwhile, Prime Minister Roosevelt Skerrit has said this project shows his government’s commitment to this part of the country.

“To spend $126-million in this part of the country is a clear signal of our continued interest and commitment to this part of the country,” he said.

“When you look at this country, when it is in housing, only labour you see, educating people, only labour you see, infrastructure, only labour you see, agriculture, only labour you see. And so, it is easy for us to take a picture and post things on Facebook, but it is difficult for us to do the work…when you have to provide for people you have to work,” Prime Minister Roosevelt Skerrit noted.

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