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House Approves $63.5 Million Loan for Major Capital Projects
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House Approves $63.5 Million Loan for Major Capital Projects
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Contact: Primus Hutchinson Wednesday, November 08, 2000 - During the sitting of the House of Assembly on Tuesday, Prime Minister the Honourable Dr. Kenny Anthony who is also the Minister for Finance, was authorized to borrow from the Royal Merchant Bank of Trinidad and Tobago the sum of $63.5 million by the issue of savings bonds, which is to be used for financing government’s development programme for the year 2000/2001.
The loan will also finance projects in the Ministry of Tourism and the Ministry Youth and Sports. The Prime Minister said 2.3 million of the loan will be placed in a sinking fund for 15 years as an investment mechanism to facilitate easier pay back of the loan. The House of Assembly also authorized the Minister for Finance to guarantee a demand loan of 1.3 million dollars from the National Commercial Bank of St. Lucia for the purpose of carrying out repairs to jetties in Soufriere and for the refinancing of the existing demand loan transferred from the Soufriere Development Programme to the Soufriere Regional Development Foundation Limited. The Customs Brokers and Customs Clerks bill presented by the Honourable Prime Minister and Minister for Finance, the Interpretation (Amendment), the West Indies Associated States Supreme Court (St. Lucia) (Amendment), and the Eastern Caribbean Telecommunications Authority bills went through all their stages and were passed by the House of Assembly. The Fire Arms Bill and the Pesticide and Toxic Chemicals Control Bill were taken through their first readings and are expected to go through their final stages at a subsequent sitting of the House. |
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Dr.
Anthony said a large percentage of the money will given to the Ministry of
Communication and Works, to finance capital projects. The Prime Minister noted
that a total of seven million dollars will be spent on rehabilitation and
reconstruction of roads including the Castries/Gros Islet Highway, agricultural
roads and tertiary roads. Other projects will include a bus terminal in Vieux
Fort, sidewalks and the construction of jetties in Anse La Raye, Canaries and
Laborie.