Back in SSB money! This time it's $35M for BVIEC
The debate on the Motion, tabled in the House of Assembly during the Second Sitting of the Fourth Session of the Third House of Assembly, received no contribution from the two members of the Opposition, Honourable Julian Fraser RA (R3) and Honourable Andrew A. Fahie (R1).
The motion was put forward by Premier and Minister of Finance Dr the Honourable D. Orlando Smith who said that the Social Security Board has agreed to provide the sum of $35 million to the BVIEC at an rate of interest of 3.5 percent per annum for the first seven years of the loan and at a fixed rate of 5 percent per annum thereafter to be repaid within 15 years in no more than 60 equal quarterly instalments after a two-year grace period.
He said the Phase 5 development project was initially slated for commencement back in 2010 but because of the reduction experienced worldwide in energy demand as a result of the 2008 economic recession it was placed on the back burner.
Dr Smith added that over the past few years the growth in electricity demand has returned and the corporation has seen peaks of electricity demand approaching 24 megawatts. This, he said, is expected to get higher in the hotter summer months of this year. It was also disclosed that there is a growth in peak demand of approximately 6.5 megawatts or 25 percent since the completion of the last major expansion nine years ago.
Speaking on the motion, Minister for Communications and Works Honourable Mark H. Vanterpool (R4) said he is happy that they have reached to this stage where they are about to procure two new engines for which the monies approved would finance.
He said the ability of the corporation to attract financing speaks well for it in terms of its record of repayment for borrowings and its fiscal management and growth.
He said the request for financing was met with seven financial institutions bidding to finance the project and this was testimony to the confidence that they had in the economy and in the Government’s ability to meet its obligations.
“All of the major financial institutions in the territory as well as some outside the territory were bidding for this funding, including our own Social Security Board. At the end of the day our own Social Security Board, which continues to look for short, medium and long term investment, was very keen on financing this project and their bid was the best of those that came in,” he said.
Months before the elections of June 8, 2015, Government went to the HoA and approved a $16M loan from the Social Security Board (SSB) for road works. This move was met with much criticism from the Opposition who labelled it an election gimmick and questioned that some $700,000 of the loan was unaccounted for.
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17 Responses to “Back in SSB money! This time it's $35M for BVIEC”
But I didn't study Lingology in school so that means no God father no work.
Seriously I will be able to set a proper programme for these Engines and Generators.
The staff can't even get an advance on their salary or loan. Sk*** you have to do better...you need to give your staff more money....the public needs to know about the monkey money you in there giving staff and then saying the board didn't approve because there are no funds. How you finding money to lend the government and remodel the building.
They are abusing their power passing on the price of oil to their customers a price that never seems to go down even when it has fallen at the gas pumps. But the ss board will continue to harass and try to disgrace hard working business people to make up of for there misuse of the people money. they should invest in treasury bonds and mutual funds.
the money being used for development our country, what the !$%^&; just can't please black folks: power outages we fuss now trying to fix it still we fussing....