Dominica and CDF Signs Loan Agreement of 18.4 Million

imagesThe CARICOM Development Fund (CDF) and the Government of Dominica has signed an $18.4 million dollar agreement.

$3.8 million of the $18.4 million is said to be donated as grants and the balance as a concessionary loan of 3% interest rate.

Chief Executive Officer of the CARICOM Development Fund, Lorne McDonough, said large developing countries, are also part of the target group for the CDF’s financial assistance programme.

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Prime Minister and Minister for Finance, Honourable Roosevelt Skerrit

Mr. McDonough said these agreements between the Government of the Commonwealth of Dominica and the CARICOM Development Fund is tangible evidence of the community mechanisms at work.

“This event is a milestone in the process of deepening our integration in CARICOM, as it is the fourth of the sixth country scheduled interventions in the OECS.”

“Mr. McDonough stated that this donation is important, as it crystalizes the promises in a revised treaty, which were reaffirmed in 2006 at the launch of the CARICOM single market in Jamaica.”

Prime Minister and Minister for Finance, Honourable Roosevelt Skerrit said the main projects to be financed from the funds are “additional works at the Melville Hall Airport, support for the operationalization of pack houses, which is critical to the export of our agricultural produce”.

He also mentioned the upgrade of our services by the bureau of standards and support to the AID Bank and a line of credit to private businesses to be administered by the AID Bank.

According to the Prime Minister a number of the productive sectors will benefit from this facility at the AID BANK.

Mr. Skerrit said he is confident that the projects which were chosen for financing, with the facilities from the CDF, will have a positive impact on the efforts of financing competitiveness.

© 2012 SAT Telecommunications Ltd.

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