Government gets ‘go ahead’ from Parliament for Saudi loan

 

Finance Minister Dr. Irving McIntyre

Government has received approval from Parliament for a US$41 Million loan from the Kingdom of Saudi Arabia to fund the Roseau Enhancement Project. The loan was tabled by Finance Minister Dr. Irving McIntrye during Parliament earlier today.

The Roseau Enhancement Project has been conceived with the aim of metamorphosing the city of Roseau into a contemporary and aesthetically appealing urban center. This comprehensive endeavor encompasses the revitalization of roadways and bridges, the construction of pedestrian walkways, and the augmentation of urban lighting infrastructure.

“The government of the Kingdom of Saudi Arabia through the Saudi Fund for Development is prepared to lend to the government of Dominica an amount of 41 million United States Dollars or one hundred and eleven million, three hundred and ninety-two thousand, nine hundred Eastern Caribbean Dollars for an infrastructure rehabilitation project in Roseau on the following terms,” Dr. McIntyre said. “Repayment period 28 years, on a semi-annual payment, interest rate 2.5 percent [and] grace period, 8 years.”

In his explanation he said, Section 3:1 of the Loans Act Chapter 64:05 of the 1990 revised laws of the Commonwealth of Dominica amended by Section 4 of the Loan’s Act number 4 of 1996 authorizes the minister with responsibility for finance to borrow money for the purpose of financing general development or for other purposes by resolutions passed in Parliament.

Dr. McIntyre said government anticipates by then that Dominica will have its international airport, a marina, its cable car, geothermal energy, several highly patronized hotels and offshore universities, and thriving agriculture and manufacturing sectors among others, thereby resulting in a much larger, more robust economy, “with higher returns to the treasury to facilitate the debt repayment.”

Furthermore, he mentioned that the cost of construction continues to rise, “and so waiting longer would mean further increasing the cost of the project.”

“Imagine what the cost would have been if we had done this project in 2018 or even in 2020,” he stated.

He stated that over the past two decades, the Dominica Labour Party (DLP) government has been making a concerted effort to modernize and build resilience in public infrastructure island-wide.

“This is to ensure public safety, enhance the aesthetics of the country, improve access and connectivity, increase social interaction across communities, and support Dominica’s economic development,” Dr. McIntyre stated.

He continued, “Roseau the Capital City of Dominica has been benefiting from these enhancements including the commissioning of three new bridges, namely the West Bridge, the Dominica-China Friendship Bridge, and the Goodwill Link Road Bridge…”

Dr. McIntyre went on to state that the government’s vision is to transform Roseau into a modern, green, dynamic, and resilient City. Parliamentary Representative for the Roseau Central  Constituency, Melissa Poponne-Skerrit said this is a long-awaited project and has been in the pipeline for many years before she entered politics. However, she said over the past three years she was determined to get this project off the ground in order to, finally, modernize the City of Roseau.

“Roseau is the heartbeat of our nation, it is the face of Dominica and so it must be able to mirror the breathtaking beauty that is found throughout our exquisite island,” Poponne-Skerrit stated.

She believes that these funds are crucial for the Roseau Enhancement project, a visionary initiative aimed at rejuvenating the capital city, Roseau.

“Our goal is to breathe new life into our city, enhancing its aesthetic appeal, fostering economic growth by providing our citizens with a city we can all be proud of,” she noted. “This project will allow for the construction of new and covered drains, smooth sidewalks with benches, upgraded lights, and widened roads which will allow for more parking spaces.”

She also mentioned that Roseau would become more accessible for senior citizens and persons with disabilities.

“When it is completed those who have vision problems as well will be able to make their way through the city themselves,” Poponne-Skerrit noted. “Someone on a wheelchair will be able to utilize the sidewalk from Orchard all the way down to the West Bridge.”

She added, “The mothers who have benefited from my single mother’s program will be happy to utilize their baby strollers…”

Meanwhile, Prime Minister Roosevelt Skerrit said with the approval of the motion, “we are seeing the dynamic Dominica unfolding before our very eyes.”

He said now that the funding has been secured for the Roseau Enhancement Project his entire focus will be on the cruise ship village with new piers and also a modern cargo port.

“The both ports will be next to each other and I am hoping that very soon we can unveil those two projects in the country,” Skerrit revealed.

On behalf of the government of Dominica, the people of Dominica, and himself as Prime Minister he extended sincere gratitude and thanks to the Government of the Kingdom of Saudi Arabia for this loan.

Copyright 2012 Dominica News Online, DURAVISION INC. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

Disclaimer: The comments posted do not necessarily reflect the views of DominicaNewsOnline.com and its parent company or any individual staff member. All comments are posted subject to approval by DominicaNewsOnline.com. We never censor based on political or ideological points of view, but we do try to maintain a sensible balance between free speech and responsible moderating.

We will delete comments that:

  • contain any material which violates or infringes the rights of any person, are defamatory or harassing or are purely ad hominem attacks
  • a reasonable person would consider abusive or profane
  • contain material which violates or encourages others to violate any applicable law
  • promote prejudice or prejudicial hatred of any kind
  • refer to people arrested or charged with a crime as though they had been found guilty
  • contain links to "chain letters", pornographic or obscene movies or graphic images
  • are off-topic and/or excessively long

See our full comment/user policy/agreement.

14 Comments

  1. If we knew better
    November 13, 2023

    a go-ahead from who? themselves? Stupse man miss me with that rubbish eh. Them man will continue to destroy the country and abuse its resources for as long as they in power.

    Well-loved. Like or Dislike: Thumb up 4 Thumb down 0
  2. Jonathan Y St Jean
    November 13, 2023

    Let’s not forget that Skerritt told the country some time ago that he had signed a loan agreement with China for $300 million which were to go towards building a new hospital and the international airport among other things. Where did that money go? The made over hospital is funded by China, we are told, and it’s the sale of CBI passports which is funding the international airport. Then Chavez gave the Kalinago $10 million dollars and where did that money go? Follow the exposure of $1.4 billion shortfall from the budget presentation which is yet to be accounted for, how can the citizens be assured that this loan from Saudi Arabia will go towards what was disclosed? Also where’s the money and the account at NBD Skerritt said was for building the international airport when he reported less than $100.00 in it. The bought ministers and parliamentary secretaries appear more interested in lining their bank accounts and satisfying their egos than on the fleecing of Dominica.

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0
  3. We Know Better
    November 13, 2023

    He said “…by then that Dominica will have its international airport, a marina, its cable car, geothermal energy, several highly patronized hotels and offshore universities, and thriving agriculture and manufacturing sectors among others”.

    Dude, simply build a geothermal plant first thing. Priority #1.

    Nothing else on your list will achieve enough to help your economy as much as affordable or cheap electricity. And, that’s unless we’ve been lied to; after all, you are a politician.

  4. Ask Mel
    November 12, 2023

    With a 19/ 2 majority didn’t what we have as “government “ always have a go ahead, especially when everyone of the 19 members on the government side was paid to run, paid to clap and paid to always support whatever motion on the bill? We don’t have a normal government where members vote conscience. So Dr McIntyre I know you said that to try to fool people outside of Dominica since everyone residing on island, whether they are red, blue , green or orange know damn well that Skerrit always has a clear highway to do whatever he wants. Going to parliament is just a show because none of you, not even you or his wife can dear vote against Skerrit or even talk against Skerrit

    Well-loved. Like or Dislike: Thumb up 11 Thumb down 1
  5. November 12, 2023

    A loan at 2.5% seems much better value than one from the IMF or World Bank – saddled with a high interest rate and unwelcome “structural adjustment packages”. Well done PM.

    Hot debate. What do you think? Thumb up 8 Thumb down 7
  6. Roger Burnett
    November 12, 2023

    It appears to me, that Roseau, and the island in general, requires a watchdog organisation able to speak out, without fear or favour, on issues related to the built environment. Without a firm stand, I fear that Dominica’s identity will degenerate to being the same as everywhere else.

    The identity of places reflects the identity of ourselves.

    Well-loved. Like or Dislike: Thumb up 13 Thumb down 0
  7. ShermJ
    November 12, 2023

    WHAT A BUNCH OF DONKEYS !! $41M US is not going to do anything substantial.
    The issue with Roseau is that the buildings need to be pushed back or demolished so that we gain 30 feet in order to widen the roadway and build proper walkways.

    Roseau is too SMALL to keep adding more and more! It’s like having a dancehall in a shanti! People and vehicles are sharing the sidewalk and roadways, and every business employee have to park in front of the place of work forcing me the paying customer to go find a way to park.
    Build a proper parking structure and allocate space for buses outside then add parking meters with a max time limit 1.5 hours around Roseau. That alone will pay itself.
    An interest bearing loan for the purpose of beautifying sidewalks for vehicles to park on is DUMB and a money grab.
    What is the real plan for a positive return on investment on this project? At the end of the day the loan have to be paid back with interest.

    Not even a coconut we can sell but we…

    Well-loved. Like or Dislike: Thumb up 17 Thumb down 2
  8. Hamcock Reves
    November 12, 2023

    This guy doesn’t seek loans from any democratic government because he knows his laundry and detergents. Everything has its time and season. The longest rope has an end. Roosevelt is beginning to feel his punishment. Just take a good look at the man. He is under a load – A heavy load. Stealing from the poor isn’t easy as it seems.

    Well-loved. Like or Dislike: Thumb up 21 Thumb down 3
  9. Borrow N Swallow
    November 12, 2023

    Roosevelt seems to be giving it to Dominica hard from behind. Soon he will run out of stamina.

    Well-loved. Like or Dislike: Thumb up 16 Thumb down 3
  10. Jonathan Y St Jean
    November 11, 2023

    Skerritt told the country in 2020 that he was building his own dwelling residence and he’ll be out of the $64,000 plus albatross on the necks of taxpayers in two years. We are long past the two year limit he set and we the citizens are still paying for him and his family to live large and in charge. I’ll wait to see this comprehensive redo of Roseau which was promised some 20 years ago. If the good Lord calls me home soon then ants will bring me the news and the video of the completed redo.
    Since there isn’t more land around to expand Roseau why can’t the government be forward looking and choose to build a new capital in a different location with space for future growth and expansion? A country dependent on selling of our passports and a service sector economy, without natural resources and manufacturing doesn’t have much wiggle room to cushion for hiccups in the international economy when they do occur. All eyes are on the cabal to deliver.

    Well-loved. Like or Dislike: Thumb up 19 Thumb down 2
  11. Accountant
    November 11, 2023

    That was a fore gone conclusion! More to the point, all over sudden we are talking US$41 million. Didn’t the CM say the other day US$10 million? What happened to all our CBI money? Why do we need money from Saudi? Isn’t it time the Earl of Morne Daniel accounted properly for OUR CBI money?

    Well-loved. Like or Dislike: Thumb up 29 Thumb down 2
    • Just Asking
      November 13, 2023

      I get the feeling that CBI is only for housing. Remember the WTO paperwork your leaders signed us on to? They may explain why we can’t do anything but housing with CBI, everything else 🤔 has to come from the treasury.., maybe?
      Perception, that’s how much I don’t know, can only speculate?

      Well-loved. Like or Dislike: Thumb up 5 Thumb down 1
  12. Hang
    November 10, 2023

    doc….just pause and remember…money is not about everything…ok….this money sometimes could miss lead us….ok….remember that….loan shoud can be repaid….but can hang us long term for.Dominican

    Well-loved. Like or Dislike: Thumb up 6 Thumb down 0
  13. The Skerrit cabal
    November 10, 2023

    Lol. Mr trying his best to sound as if government is different from parliament. Man in a 21 seat parliament, where the labar cabal holds a 19/2 stolen seats it tan the stolen elections Skerrit and labor have a clear path to take whatever they want. So don’t take we for fools

    Well-loved. Like or Dislike: Thumb up 19 Thumb down 2

Post a Comment

Your email address will not be published. Required fields are marked *

:) :-D :wink: :( 8-O :lol: :-| :cry: 8) :-? :-P :-x :?: :oops: :twisted: :mrgreen: more »

 characters available