100 Million US Dollars For Port Development

The government of St. Vincent and the Grenadines is moving forward with its plans to extend and develop the main seaport in Kingstown to improve its capacity to handle and process cargo entering and leaving this country.

Prime Minister Dr. Ralph Gonsalves in his 2015 Budget Address had announced that plans are being made to upgrade, modernize and relocate Kingstown seaport.

Speaking at a Press Conference on Tuesday, June 7, 2016, Minister of Economic Planning, Sustainable Development and Industry, Camillio Gonsalves said the efficiency of the port is directly tied to our efficiency in being an exporting nation and also in collecting revenue.

Minister Gonsalves said the new port facility is estimated to cost approximately one hundred million US dollars, and disclosed that of this sum, the United Kingdom government through an infrastructure development fund it has, will provide a grant of 40 million US dollars.

He said an additional 40million US dollars will come from the Caribbean Development Bank (CDB), with the remaining 20 million US dollars to be provided by the World Bank.

“To that hundred million dollar effort, the United Kingdom is going to provide a grant of 40million US dollars. Again that number may change give or take because they giving us the money in Pounds, and you know the exchange rate will vary sometime, but it’s in the neighbourhood of 40 million US dollars,” Gonsalves said.

“We are going to get an additional 40 million dollars, thereabout, from the Caribbean Development Bank and the remaining 20 million dollars or so will come from the World Bank, Minister Gonsalves said, adding that “we have had a number of discussions to solidify these broad numbers.”

Prime Minister Gonsalves in his 2015 Budget Address had noted that Consultants from the consultancy firm Mott Mc Donald of the United Kingdom which was undertaking the CDB-financed SVG Port Rationalization Study had initially recommended that the seaport be relocated to the western end of Kingstown towards Rose Place.

But after a review, it was suggested that the area of the E.T. Joshua Airport site in Arnos Vale be investigated as a possible location for the future seaport development.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *