The Government of the Virgin Islands has chosen CIBC Caribbean bank as the institution to provide a $100 million loan facility aimed at addressing critical infrastructural challenges across the territory.
A loan facility is defined as a credit arrangement through which a person or organization can borrow money up to an agreed sum.
Premier and Minister of Finance, Dr. the Hon. Natalio Wheatley, made the announcement during a joint press conference held on Monday, alongside Deputy Premier Hon. Lorna Smith.
Premier Wheatley confirmed that the arrangement with CIBC Bank is currently in the final stages, with the loan facility already on the Order Paper of the ongoing House of Assembly session.
Premier Wheatley also touched on the previously expired loan guarantee offered by the United Kingdom after the 2017 hurricanes. This guarantee was intended to support the territory’s recovery but was not fully utilized before it expired.
Despite this, Premier Wheatley emphasized that his government remains committed to finding alternative forms of financial support to address the BVI’s ongoing infrastructural needs.