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Ports Authority seeks $5M more from First Caribbean Bank

-HoA asked to affirm government guarantee
It was in 2014 that the BVI Ports Authority obtained a $50 million loan from First Caribbean International Bank, to help fund the Ports Development project. Photo: VINO/File
Ports Authority seeks $5M more from First Caribbean Bank. Photo: VINO/File
Ports Authority seeks $5M more from First Caribbean Bank. Photo: VINO/File
ROAD TOWN, Tortola, VI - It was in 2014 that the BVI Ports Authority obtained a $50 million loan from First Caribbean International Bank, to help fund the Ports Development project.

Four years, later they are back again, this time seeking an additional $5.8M loan from First Caribbean International Bank (Cayman) Limited.

The loan is being requested for, “funding the interest and net swap payments for the amount of $2.1M” and the purchasing of port equipment, in the amount of $1.7M.

This is addition to guaranteeing of a Line of Credit from the Bank, in the sum of $2M.

BVI Government is the guarantor

The resolution is on the Order Paper for the September 13, 2018, Sitting of the House of Assembly (HoA) and will be brought by outgoing Premier and Minister of Finance, Dr the Hon D. Orlando Smith (AL).

According to the resolution, the government thought the HoA is been asked to guarantee the loan, if the BVI Ports Authority default on the payment.

The Ports Development Project now called the Tortola Pier Project has been over shadowed by controversy  and allegations of corruption. 

Recently, the Minister for Communications and Works Hon Mark H. Vanterpool (R4), told the public that he or his Ministers, “did not take a penny from the project.”

 

 

8 Responses to “Ports Authority seeks $5M more from First Caribbean Bank ”

  • ... (12/09/2018, 13:13) Like (8) Dislike (1) Reply
    the ports will bankrupt the BVI
  • Windy (12/09/2018, 14:13) Like (22) Dislike (0) Reply
    When you have to secure a loan to pay the interest on another loan you're in trouble boys. Then again you don't care or can't figure it out. Most likely both .
  • locals (12/09/2018, 14:51) Like (8) Dislike (5) Reply
    Locals destroy this place. The world see we as a rich greedy and corrupt place, Hence the reason why banks are reluctant to give us loans when locals have to manage their money.. There is no trust no confidence in Locals.. Soon all department will be headed by foreigners as a bank / loan requirement.. Greed and selfishness have curse this place..
  • Hmmmm (12/09/2018, 14:56) Like (15) Dislike (0) Reply
    I thought Minister Vanyerpool who is the Minister of the Ports said that in 2016-2017 the Ports made $70million from the Cruise Pier expansion initiative so how come they are now looking for a loan? Something doesn't add up here.
    • MCW (12/09/2018, 15:52) Like (11) Dislike (1) Reply
      The answer high salaries. In 2015 the Ministry received a report of the salaries at the ports and we gasped with surprise. It was not wheeled and they are allowed to continue hiring people to add to the burden. The HRM lady was asked to provide this information and was reluctant because she knew they would be found out. The Opposition needs to conduct an Audit not only on TPP but on Port also.
      • yes (14/09/2018, 11:51) Like (0) Dislike (0) Reply
        The Board approved them. The managing director own goes to cabinet. We on a roll now. Mouth open story jump out. MCW tell us who purchase the equipment like the air conditioning unit them at the TPP and who the contractors was and equipment worker them.
  • mi (14/09/2018, 20:58) Like (2) Dislike (0) Reply
    Time to stop the nonsense and promote our people to those top level positions. These politicians go out to other places and bring people to fill top management positions. Then they borrow money from the banks so they can be paid big salaries. The money leaves the territory but Virginislanders dollars have to pay the loan.. Do we need a St. Lucian to head our port.? What happen to the people who were carrying the load all the time? First we need to prevent non Virginislanders having a seat in the House of Assembly.Those without Virgin Island parentage should be at least second or third generation to be political leaders.


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