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.