St Vincent's Debt Under PetroCaribe Reduced By 50%

The Venezuelan government has reduced by 50%, St. Vincent and the Grenadines’ debt under the PetroCaribe Agreement.

Ambassador to SVG Perez Santana, said it was agreed with the Venezuelan government to apply a 50% Net Present Value (NPV) to the unexpired long-term debt of St. Vincent and the Grenadines.

As of September 28, 2017, this had a value of US$63, 222, 240.75, which once brought at present value, the amount is contracted to US$31,611,120.37.

The new creditor of this debt is the Bank of the Bolivarian Alliance for the Peoples of Our America (ALBA).

According to the Ambassador, the agreement was reached after a technical meeting held in Caracas on July 17, 2016, with the participation of representatives of PDVSA Petroleo, PDV Caribe, the Eastern Caribbean Central Bank and the Bank of ALBA together with representatives of Eastern Caribbean countries, and members of Petrocaribe.

The Venezuelan Ambassador said it is only necessary now for the corresponding financing contract between St. Vincent and the Grenadines and the bank of ALBA to be signed, maintaining the same payment terms originally arranged under the Petrocaribe Energy Cooperation Agreement.