The Board of Directors of the Caribbean Development Bank (CDB) has today approved funding for the modernisation of Kingstown Port in St. Vincent. This project is the first of a two-phase programme and includes the construction of a new cargo port, and associated roadworks to improve access and traffic flow. “Modernisation of the Kingstown Port is an important component of the Government’s vision for transforming St. Vincent and the Grenadines into a modern, competitive, private-sector led economy. CDB’s investment in the St. Vincent port modernisation will boost the efficiency of cargo services; revitalise Kingstown; and enhance the business environment; while expanding employment opportunities and reducing poverty,” said CDB Vice-President (Operations), Monica La Bennett. The project is being funded by a USD 110 million loan from CDB; a GBP25.6 million (about USD 32 million) grant from the CDB-administered United Kingdom Infrastructure Fund, and a USD 43 million contribution from the Government of St. Vincent and the Grenadines. “The United Kingdom is pleased that the Kingstown Port modernisation project will deliver economic growth, while supporting improved livelihoods, poverty reduction and safer conditions for citizens, which is the goal of the United Kingdom Caribbean Infrastructure Fund,” said Resident British Commissioner to St. Vincent and the Grenadines, Steve Moore. The project will build a structurally safe working environment at the Kingstown Port, which is currently operating well beyond its design life and has structural defects. Accompanying roadworks will also improve traffic circulation around the central business district of Kingstown. People affected by the planned construction will be consulted and compensated. Residents and fisherfolk in Rose Place Community and vendors in Little Tokyo will be offered relocation to safer and more climate resilient areas. Affected persons will also have access to skills training to improve their social and economic situation. In the next phase of the port modernisation, an intra-regional cargo terminal and an inter-island ferry terminal will be built. Contact: CDB: Lothar Mikulla, Communications Officer, +1 (246) 539-3412, [email protected] About the Caribbean Development Bank The Caribbean Development Bank is a regional financial institution established in 1970 for the purpose of contributing to the harmonious economic growth and development of its Borrowing Member Countries (BMCs). In addition to the 19 BMCs, CDB’s membership includes four regional non-borrowing members – Brazil, Colombia, Mexico and Venezuela and five non-regional, non-borrowing members; i.e., Canada, China, Germany, Italy, and the United Kingdom. CDB’s total assets as at December 31, 2018 stood at USD 3.24 billion (bn). These include USD1.75 bn of Ordinary Capital Resources and USD1.49 bn of Special Funds Resources. The Bank is rated Aa1 Stable with Moody’s, AA+ Stable with Standard & Poor’s and AA+ Stable with FitchRatings. Read more at caribank.org. About the United Kingdom Department for International Development The Department for International Development (DFID) leads the UK’s work to end extreme poverty. DFID is helping to tackle the global challenges of our time and is building a safer, healthier, more prosperous world. This project is funded with UK aid from the UK Government. Through DFID, the UK will provide over £400m to the Caribbean Region to support climate and disaster resilience, promote economic growth and support the fight against organised crime. The UK Caribbean Infrastructure Fund (UKCIF) was announced in September 2015, and publicly launched in Jamaica on 4 April 2016 by DFID Minister Baroness Verma. UKCIF is providing £330 million in grant funding up to March 2024 for nine ODA-eligible Caribbean Countries/Overseas Territories (Jamaica, Guyana, Belize, Dominica, Grenada, Saint Lucia, Antigua and Barbuda, St. Vincent and the Grenadines, and Montserrat). |
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