13 million EC dollars Secured For Road Works

The government has secured assistance from an international agency to finance the repair of secondary and feeder roads in this country, which are in a poor condition.

Speaking earlier this week at a press conference, Minister of Economic Planning and Sustainable Development, Camillo Gonsalves said the Kuwait Fund for Arab Economic Development (KFAED) has approved a soft loan of four million Kuwaiti Dinars, which is the equivalent of approximately 13 million EC dollars.

Minister Gonsalves said the government of St. Vincent and the Grenadines had approached the Kuwait Fund as well as the OPEC Fund for International Development (OFID), to help finance an extensive road repair programme here.

Minister Gonsalves said he met with representatives of both entities in Jamaica, where he recently attended the Caribbean Development Bank (CDB) Board of Directors and Board of Governors meeting.

Minister Gonsalves noted that OFID, which is to provide the government with the additional component of funds needed to undertake the road repairs, has agreed in principal to provide the funds, but details regarding the precise terms of the arrangement are still being finalized.

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