Ports Authority seeks $5M more from First Caribbean Bank
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.”
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