Dominica is getting ready to fully utilise a just approved rehabilitation loan of US$4.1 million.
The loan agreement was signed in Roseau by Caribbean Development Bank (CDB) President Dr Warren Smith and Dominica’s Acting Prime Minister Ambrose George on Thursday.
Dr Smith said the new loan would help Dominica reduce “risks associated with landslide and flood hazards in the Roseau Valley”.
“This is to be achieved through the rehabilitation and reconstruction of critical infrastructure in accordance with specified international standards,” he said.
The CDB official also explained that the proposed works would reduce the vulnerability of the project sites and communities to future adverse weather-related events.
It will include restored and upgraded infrastructure works in the St Aroma and Laudat areas.
Acting Prime Minister Ambrose George had praise for the CDB, whose board of directors approved the loan on Wednesday, paving the way for Thursday’s official signing.
He lauded what he described as a rapid CDB response, and said the finance approved by the bank would help enhance safety and protection in the road network areas where the work will be carried out.
The Caribbean Development Bank is holding a series of meetings in Dominica this week, with one of the key matters involving negotiations for replenishing the bank’s Special Development Fund that offers loans at concessionary rates to member borrowing countries including Dominica.
Four mil for the pocket and o.1 mil for the proji
We read about a loan of US $4.1 million dollars, sound great, appears to be plenty of money. My concern here is how beneficial it will be to the nation in the long run to borrow such small amount of money for the purpose it is intended, and at whatever the interest may be.
After all, four million one hundred thousand dollars is equivalent to approximately ( EC$ 11. 07) million dollars, which I believe to be in the amount of eleven million, seventy-thousand dollars, and that’s assuming that we calculate the exchange rate at 2.70:
No need to argue that interest must be paid, however, when we have a situation in a place like Dominica where anything goes; by the time the principal is paid off it might cost the nation three times the original amount borrowed.
I can understand a nation borrowing a substantial amount of money to do something interesting and significant, such as; borrowing money to build an International Airport, an investment into an industrial project such as an oil refinery, ventures such as a Tourist Resort; something equivalent to Sandals, run by a private company, but not eleven million dollars to be spent for the purpose in this case.
I am not saying that money should not be spent to resolve such issues, my contention is simply this, our nation should be in a position to take care of such petty matters with revenues already in the treasury, if we have to borrow just over eleven million from a bank to take care of our domestics, that is an indication that our nation is indeed very poor!
The winner in this is the bank.
It can be assumed that the interest on that meager amount will be more than 1.5 times the original principal, and someone might want to tell me if I am wrong!
Francisco Etienne-Dods Telemaque
“Borrow money to build an international airport”
Would that amount of money not come in the form of Hundreds of millions of dollars? I am sure it would.
Maintaining an international airport effectively would mean having large airlines full of people landing in Dominica on a regular basis–to stay there for at least one or two weeks.
That would also mean that Dominican and Dominicans should be prepared and trained in numerous ways– to serve visitors who are there for a week or two–in the first place; regardless of what can come to pass afterwards.
How much money would be needed for that sort of preparation and training?
Hotels, motels, and or guest rooms would have to be up-to-date; restaurants’ services with international food preparation would have to be up-to-date; beaches, and other packs and recreation features, roads conditions, with proper signs and street lights, taxi operation services would have to be up-to-date. Night-life with entertainment of music, theatres, and others would have to be up-to-date.
Dominica would simply have to be trained and prepared to serve an “international world”. This training and preparation would have to start from the very beginning–right from our schools.
By the time all that is burrowed, for the sake of effective maintainance of an international airport, is paid back with interest, when would the payoff start? Or would we not be leaving the greatest headache of paying back money in the hands of those who come after us.
Now if today, we need to burrow 4 million dollars from the bank of the USA–meaning that we cannot just pull that amount of money from our own treasury, who in the world will approve us, for let us say, 4 hundred million dollars at least–to invest in an international airport?
It can be said that our Dominica is slow in moving upwards; but still for all, what is the point in talking about how we can reach the top of the ladder, when we cannot even think of how to get on to the second step?
We need to burrow 4 million dollars, it is not because we do not have that amount of money?
Therefore, how can we consider burrowing at least 4 hundred million dollars for a project that might end up being a burden for those we leave behind. And I am sure that we who exist today, would leave that project behind–without completion as well!
Well, my community is cool!
Another loan againnnnn!
How they going to pay off that loan? Kill the tax payers? Break the hands really bad?
everyone is asking about their community….let me ask for a community that i am not even from but have close ties with…bagatelle….my god where is Dr. Darroux?…is he too busy being co parl reps in grandbay? cus thats where he lives?…i dont think this man has spent traverses thru bagatelle mayb since elections! have u ever passed under the dubique cliff? life threatening for the least! and now some idiots are playing like they working, getting paid to fill up the craters with tarish! tarish that is being dug up by rain or blown by wind! mag way sah KenKo! wat about the bagatelle basketball court? and their football field! the young men i know are trying their best with the lil they have among themselves to up keep the field even hold fund raisings in the village to start a football academy for the lil boys! where is Dr. Darroux? we dont see him in the village at all! wat i hear is he giving those ppl that have money more money to do personal business..that muss be the MO of ths governement! rest assured i will be writing to the minister of whoever aboout this Dr and his lack of represenation!
i 2nd that big time!!!!!!!!!
urban baron and dr darroux is the same!!!!!!!i even understand plenty money was wasted on the petite savanne playing field and its yet to be complete …..next election we the ppl of the constituence and a plan for them…..for yrs now we been getting no representation …i myself i can be my mother going for labour in that constituency will get my vote!!! NEVER!!!
not*
You all know that when they talk about Dominica,it only means “Roseau”
“T
R
SMH
I am happy that the government it trying to develop Dominica, but my concern is that when the loan repayments are due, hope there will bw enough to repay the loans. The government is borrowing money from every country, .i.e china and now canada.. I do hope the government would not be selling Dominica for these countries by the bit because Dominica cannot repay he loans. Good luck
Canada…where you got that from
THANK YOU C D B FOR ACTING WITH DISPATCH ,BUT SINCE WE ARE SO POOR CAN YOU NEGOTIATE SOME GRANTS WITH YOUR INTERNATIONAL CONTACTS FOR AGRECULTURE INCLUDING FEEDER ROADS REPAIRS
What about all the monies that the Ministry of Public owes poor people who cannot meet their loan installments at the banks and are unable to feed their children? It’s been months that they are owing for works done on the roads and otherwise and nobody can give answers as to when payments will be done. I don’t know where to turn again. I feel sometimes that nobody cares.
I really hope the money is EFFICIENTLY and does not go in the HAIRY BANK!!!
MR SkERITT, WAS A CRITIC OF YOU ON DNO, I AM NO MORE,FLEW EIGHT THOUSAND MILES TO VISIT DOMINICA, MY HOME FOR CARNIVAL,BUT I MUST SAY THIS,YOU AND YOUR GOVERNMENT HAS DEVELOPED DOMINICA, I SAW IT, AND I AM IMPRESSED, I AM PROUD, THE HATERS WILL ALWAYS BE HATING. EVEN THOUGH IT IS SAID THAT YOU ARE PUTING MONEY IN YOUR POCKET, YOU ALSO DEVELOPED MY COUNTRY, NO GOVERNMENT BEFORE YOU DID AS WELL AS YOU, WHILE THEY WERE FILLING THERE POCKETS TO, BLESSINGS SIR …
This is the sentiment coming from many of those that bought into the Q95 FM and Thomsone Fontaine crap.
They thouht we were backward and in fighting and starving…now they know better.
Skerrit for DA…while Skerrit working, the others talking.
I hope you send your kids back “home” to help pay back the loan plus it’s interest.
HAHAHAHAH denial is always so laughable…..
We going UP!
Good job Dominica.
What about the Morne Prosper community and the road there? that part of the valley is completely neglected but why?
What about the cochrane road. We need some help!
DONT ASK WHAT THE COUNTRY CAN DO FOR YOU, ASK WHAT YOU CAN DO FOR YOUR COUNTRY, GET OF YOUR BEHIND, ROUND UP THE COMUNITY AND DO SOMETHING !!!