U.A.E, Kuwait And OPEC Fund To Aid In The Development Of St Vincent

St Vincent and the Grenadines will in the next 10 days sign an air transport agreement with the U.A.E, this announcement was made by Prime Minister Dr. Ralph Gonsalves on Wednesday.

Gonsalves said the agreement would be signed in Kingstown and would be done to put the structural arrangements in place.

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The Prime Minister also stated at the Press Conference on Wednesday that both nations would sign a double taxation agreement.

Double taxation an agreement between two countries that reduces the tax bill for an individual who is a resident of one country but has citizenship in another country. The agreement strives to prevent the taxpayer from paying tax to both countries.

All of these he said are practical measures for investment and economic contact while at the same time deepening the political and diplomatic relationship.

Gonsalves said that on Sunday evening they welcomed a delegation from the OPEC Fund for Economic Development (OFID).

He said they are here to discuss the financing of feeder roads, village roads, and secondary roads.

Gonsalves said most of the village and feeder roads are in a bad condition for several reasons, including the way they were built , not enough maintenance and from storms that the country has been experiencing.

He said a large trunk of money is needed to do the work hence the signing of an agreement for 14.5 million US dollars in soft loans with the Kuwait Fund for Economic development.

An aide memoire would be signed with the OPEC fund later this evening in Kingstown which will go before their board in September; Gonsalves said he expects it to be approved.

Gonsalves said from both entities a total of 32.5 million US dollars will be accrued along with other monies from Mexico, Caribbean Development Bank, the World Bank and the European Union.

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