Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7) says the Virgin Islands Government has committed the $100 million loan secured to finance critical infrastructure and other priority projects across the territory. Photo: VINO

The Premier said the government does not pay contractors the full value of a project at the beginning of a contract. Contractors typically receive an initial mobilisation payment, followed by additional payments when agreed targets are achieved. Photo: Facebook

The $100m loan from CIBC was earmarked for major infrastructure needs, including roads, water and sewerage improvements, and other government priorities. Facebook

$14 million of the $100m CIBC loan was allotted for the road project between West End and Road Town. Photo: VINO

Speaking at a press conference on Friday, September 18, 2026, Premier Wheatley explained that although the full loan amount has been committed, the money is not being disbursed all at once. Instead, payments are being made progressively as projects reach specified stages of completion.

“All of that has been committed,” Dr Wheatley said, referring to the $100 million loan. “So if you see a particular amount of money spent, that's because projects are ongoing. And payments are being made over time.”

The Premier was responding to a reporter who asserted that the Premier was holding back on a large portion of the loan as an "elections war chest".

Payments tied to project milestones

The Premier said the government does not pay contractors the full value of a project at the beginning of a contract. Contractors typically receive an initial mobilisation payment, followed by additional payments when agreed targets are achieved.

He used the $14 million road project between West End and Road Town as an example.

“You don't just pay $14 million to a contractor up front. You provide some mobilisation money, and then you have key targets at which you provide payments.” 

He said funds for the road project will therefore be expended throughout the life of the contract, as work progresses and contractual milestones are met.

More projects expected to begin

Dr Wheatley also noted that some projects connected to the loan financing have not yet begun. As those contracts break ground, additional funds will be released and expended.

The Premier’s comments suggest that the pace of spending will increase as more projects move from the planning and contracting stages into active construction. 

The loan has been earmarked for major infrastructure needs, including roads, water and sewerage improvements, and other government priorities.

Gov't considering additional financing

With the $100 million facility largely committed, Premier Wheatley said the government must now consider how it will finance other critical priorities moving forward.

He clarified, however, that the government has not approached CIBC for a new financing arrangement.

“We haven't approached CIBC for any financing,” the Premier said in response to a reporter who claimed CIBC was approached.

Dr Wheatley added that discussions are taking place with the Ministry of Finance to determine the territory’s future financing requirements.

“As I said to you before, of course, we need to consider additional financing to meet some of our critical priorities,” he said. “So that's a discussion I'm currently having with the Ministry of Finance.”

No lender identified

The Premier said no specific financial institution has been selected for any potential future borrowing.

“We haven't identified any particular institution,” he said, adding that the government is still holding preliminary discussions about the resources that would be needed to address key priorities in the coming years.

The government’s existing $100 million loan was described as the largest public loan in the Virgin Islands’ history.