The Government of the Virgin Islands is seeking upwards of $50 million dollars of loan funds to fuel continued recovery efforts across the Territory.
Premier Dr the Honourable Natalio Wheatley made the announcement during a recent press conference.
He said, “We’re working on it now. I’m hopeful by the end of the year, fingers crossed, that we will be able to get a loan to be able to continue with our recovery… I don’t want to give the specific amount but it will be upwards of $50 million.”
While Dr. Wheatley revealed that the government is seeking a loan, he did not indicate what lending body would be approached for this purpose.
One thing he has made clear on the matter in recent times, however, is that the government will not be utilising the £300 million loan guarantee offer from the United Kingdom for the purpose of these projects.
He said in August, “the guarantee, right now, is not on the table… it’s something that we can return to, to see if we can get it back on the table. We’ve essentially lost the opportunity to get the guarantee as of right now”.
Also on the topic of continued recovery, Premier Wheatley said that the Cabinet will soon make a decision on the future of the Recovery and Development Agency, whose contract is up for renewal in 2023.
He told reporters, “That is on my Cabinet agenda and I’m not allowed to preempt Cabinet from whatever decision, so you should hear about what decision we make on that soon… It is on the Cabinet agenda”.
Though he did not indicate when this word on this decision would be forthcoming, Dr. Wheatley did indicate that the Cabinet was set to discuss a possible extension later that day.