The Government of the Virgin Islands is set to receive a historic $100 million loan facility from CIBC Caribbean Bank, following the resolution’s approval in the House of Assembly last Thursday.
This loan represents the largest single loan in the history of the Virgin Islands and is a key component of the government’s medium-term fiscal plan.
Speaking at a press conference on Monday, September 30, Premier and Minister of Finance Dr. the Hon. Natalio Wheatley outlined the significance of the loan and how it will support the territory’s aim to address its main infrastructural issues.
Premier Wheatley emphasized that, although the bidding process was not mandatory, the government conducted it to secure the most favourable terms and conditions for the loan. In addition, Premier Wheatley announced that a debt management strategy was presented in the House of Assembly. This he said outlines how the government plans to manage its debt responsibly, ensuring the funds are used efficiently and that debt levels remain sustainable.
The premier also provided a summary of the allocation of the $100 million loan, indicating that the projects financed by the facility are expected to be completed by 2028.
Premier Wheatley took the opportunity to commend the Ministry of Finance for their proactive approach to debt management, highlighting their strategy to refinance several existing payments with the new loan facility.
He noted that this refinancing effort has already resulted in significant savings for taxpayers, demonstrating the government’s commitment to fiscal responsibility.