Dominica signs multi-million dollar loan for improving the capital
Dominica has signed a US$41 million loan agreement with the Saudi Fund for Development (SFD) for a project aimed at enhancing the capital, Roseau, and which the government said will play a major role in the future socio-economic development of the island.
Prime Minister Roosevelt Skerrit, speaking at the signing ceremony held over the weekend, said that the Roseau Enhancement Project is a “major investment in the future of the capital city and by extension the future of Dominica.
“We have long recognised that for our nation to flourish, we must build modern, resilient and sustainable infrastructure. Several large scale initiatives are currently underway and others are about to commence about the country and the Roseau Enhancement Project is a key component of our vision for long ter sustainable development,” Skerrit said.
“Our efforts in the capital will stimulate local businesses and open doors for new enterprises, creating more jobs and opportunities for everyone. Equally important is the chance to enhance the quality of life for our residents,” he said, adding “this initiative is not only about esthetics, but about creating a space where people want to work, lie and invest in the future”.
SFD chief executive officer, Sultan Al-Marshad, said the signing of the agreement “marks a significant milestone with the signing of the first development loan agreement worth US$41 million.
“The project will help improve roads connectivity, reduce traffic, enhance safety…and contribute to the residential and commercial development. Additionally, it will create many job opportunities and will help for the tourism sector,” he said, adding “this project will act as a driver for social and economic growth and improve the quality of life for the people of Dominica”.
The loan has a 2.5 per cent interest rate, and eight year grace period and a 28-year repayment period.
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