Only $10M drawn from $100M loan facility—Premier Wheatley confirms
The disclosure was made during the question-and-answer segment of the House of Assembly (HoA) on June 5, 2025, prompted by At-Large Representative Honourable Ronnie W. Skelton, who sought specifics on the disbursement status and use of the substantial loan signed on October 31, 2024.
“Could the Honourable Premier and Minister of Finance please tell us how much of the $100 million has been drawn down, and please give details on the drawdown?”
Significant Progress
To this end, he informed members, “When the $100 million loan facility was signed on 31 October 2024 with CIBC, a disbursement of $10 million was made to the Government. As of today's date, there has been no further drawdown on this loan facility.”
He did indicate that while an estimated $29 million had been scheduled for drawdown in 2025, delays in procurement have affected the pace of spending.
“This year we were scheduled to draw down about $29 million for the loan but of course, through a lot of this procurement process; I am hopeful that between now and the end of the year, we make significant progress on the project, which would include money being drawn to pay for the project.”
Pressed further specifically on disbursements for infrastructure works that have been touted, Premier Wheatley informed the House, “Quite a bulk of the money for the road projects cut from the loan haven’t been drawn down yet. There may have been a few that may have come along last year, but that $10 million was drawn late last year.”
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3 Responses to “Only $10M drawn from $100M loan facility—Premier Wheatley confirms”
We could have used the $5,000,000 in the Bank of Asia that would have cost us nothing and which has now cost us another $5,000,000 for nothing in return. Who is in charge of our Finances and idiot?
For the other $5,000,000 we could have used some of the $20,000,000 we have sat in a bank doing nothing.
That leaves us another $15,000,000 before we need to start paying interest on a loan.
Not against getting and using the $100,000,000 and spending them on the roads because we all know they need it. But of course we all know that the 100,000.000 is really for the AIRPORT.
We still have not seen the reports and so it is hard to say if we should continue with the AIRPORT.
But the SECRET reports we cannot see must have something worth hiding. Why are we not seeing those reports and why are you going ahead with something in SECRET that you should not be.
When will the next set of increments be paid. Times are rough, premier. Every cent counts.