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House of Assembly Approves Euro 10 Million Loan for Tertiary Roads Project


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House of Assembly meets in committee stage to approve Euro 10 million loan for TRDP

House of Assembly meets in committee stage to approve Euro 10 million loan for TRDP

Wednesday, February 18, 2004 - Several communities around the island especially those with significant eco-tourism potential are to benefit from the latest injection of funds into the Tertiary Roads Rehabilitation Project. On Tuesday, February 17th, 2004, the St. Lucia House of Assembly approved the borrowing of Ten Million EURO from the Agence Francaise de Development to rehabilitate 22 kilometres of roads.

The tertiary roads project was conceived as part of government’s commitment to provide appropriate road infrastructure to support economic activity in all sectors, with particular bias on tourism and agriculture. In seeking parliamentary approval, Prime Minister and Minister for Finance Honourable Dr. Kenny Anthony said the road works, which will offer many communities a new lease on life, will be carried out in three phases and was obtained under remarkable terms.

The loan is to be paid in twenty-six (26) equal half-yearly instalments, with the first one due and payable on April 30th, 2010, which is some six yeas away. The last instalment is due and playable on October 31st 2020. Interest on the ten year loan is at the rate of 3.5 per cent a year, which is an extraordinary and generous rate of interest, the Prime Minister observed.

Several MP’s spoke on the resolution, as it holds tremendous economic prospects for their constituents, in terms of employment, improved road conditions and ultimately, assistance to farmers in banana production areas in obtaining a better quality fruit.

Minister for Communication and Works Honourable Felix Finisterre says some 55 major roads all around the country will receive attention under the programme. Evaluation of tenders is currently underway and contracts to commence works are expected to be approved in the coming weeks.

The St. Lucia House of Assembly also passed two bills piloted by the Minister for Commerce, Tourism, Investment and Consumer Affairs Hon. Phillip J. Pierre. The bills, the Free Zone Amendment and the Liquor License, were taken through all of their stages. The Caribbean Community and the Waste Management Bills came up for first reading, but the second reading was deferred for a subsequent sitting of the House of Assembly.


 

 


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