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Contact:
Chris Satney
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Prime
Minister King signing loan agreement |
Monday, 18 February 2008 –
Agricultural and feeder roads on the island are expected to get significant
attention with the signing of a loan agreement between the Government of St.
Lucia and the Kuwait Fund for Arab Economic Development.
It is the third loan St. Lucia has secured from the Kuwaiti Fund. It is expected
to aid in the reconstruction and rehabilitation of some 30 km of roads in rural
communities.
At the signing ceremony last week, Prime Minister Honourable Stephenson King
expressed elation over the project, saying it will improve the lives of farmers
and residents in rural districts.
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Prime
Minister King with Kuwaiti and other government officials |
“The project will bring great
relief to thousands of people. It will certainly enhance our own infrastructure,
to allow us as a government to attend to other areas of need and other areas of
concern. I believe the fact that your agency has found it necessary to respond
to us, is a demonstration of the confidence you’ve got in our government and our
people. I assure that confidence will certainly be sustained as we undertake to
implement this very important road programme,” said the Prime Minister.
Deputy Director General of the Kuwait Fund for Arab Economic Development Ghanem
Al-Ghenaiman hopes the project could be completed by 2011.
“There are three technical assistance grants the Kuwait Fund provided to the
island, which is about $1.5 million dollars,” the Kuwaiti diplomat said. “It is
really our pleasure, and even the top management of the Fund are really happy to
help finance this major project in the island.”
The loan will be for a period of 18 years including a four-year grace period and
bears an interest rate of 3.5% per annum, in addition to 0.5% per annum to cover
administrative cost and other expenses incurred in the implementation of the
loan agreement.
The loan also includes financing for consultancy services for the preparation of
feasibility studies, detailed designs and supervision of construction works.
The project is estimated at just over EC $29 million.
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