Government of Dominica finalizes loan agreement with Saudi Fund

(L-r) Hon. Roosevelt Skerrit, Saudi official, Hon. Dr. Irving McIntyre

The Government of Dominica recently sealed a loan agreement with the Saudi Fund for Development (SFD) to support the Roseau Enhancement Project. The agreement was signed by Hon. Dr. Irving McIntyre, the Minister for Finance, Economic Development, Climate Resilience, and Social Security, along with H.E. Sultan Al-Marshad, the CEO of the SFD, at Douglas-Charles Airport on September 14, 2024. The event was attended by Prime Minister Hon. Roosevelt Skerrit, Hon. Melissa Skerrit, the Minister for Housing and Urban Development, and other officials.

Previously, Parliament approved the goverment’s loan request to the Saudi Fund of US$41 million (EC$111 million) with a 2.5% interest rate, to be repaid over 28 years, including an eight-year grace period. The signing marked the official commencement of the Roseau Enhancement Project, which aims to upgrade seven major streets in Roseau. The project is designed to foster commercial and residential development, enhance connectivity, alleviate congestion, and improve safety. The promotion tourism, and generation of new employment opportunities are also anticipated. The streets slated for upgrades include Independence Street, Bath Road, Cork Street, Great George Street, Virgin Lane, River Street, and King George Street.

Hon. Melissa Popone-Skerrit

Melissa Poponne-Skerrit highlighted the goal of transforming Roseau into a dynamic, modern city, stating, “The Roseau Road Infrastructure Project is not just about improving our streets; it is about creating a city that attracts investment, boosts tourism, and elevates the standard of living for all our citizens,” she remarked.

“As we look ahead to the construction of our international airport, maintaining the standard of Roseau is vital,” she noted. “Our capital must be a destination that travelers are eager to explore. A showcase of our country’s best where history, opportunity and a healthy vibrant environment exist.”

Prime Minister Roosevelt Skerrit discussed the long-term advantages of the project, describing it as a significant investment in the future of Roseau. He noted, “Our efforts in the capital will stimulate local businesses and open doors for new enterprises, creating more jobs and opportunities for everyone. Equally important is the chance to enhance the quality of life for our residents. Improvements to streets, sidewalks, and public spaces will make daily activities safer and more convenient. This initiative is not only about aesthetics but about creating a space where people want to live, work, and invest in the future,” he said.

According to the prime minister, Dominica has long recognized that for our nation to flourish we must build modern resilient and sustainable infrastructure.

“Several large-scale initiatives are currently underway and others are about to commence across the country, and the Roseau Enhancement Project is a key component of our vision for long-term sustainable development,” he stated.

Hon. Dr. Irving McIntyre expressed appreciation, stating, “The activities, to be supported by the Saudi Fund for Development, are an initial but critical step in addressing the problems, issues and opportunities within the city of Roseau. On behalf of the Commonwealth of Dominica and on my own behalf, I extend my sincerest gratitude to the Saudi Fund for Development, His Majesty the King, and His Royal Highness the Crown Prince for this opportunity.”

Meanwhile, Chief Executive Officer of the SFD H.E  Al-Marshad said, “Today marks a significant milestone with the signing of the first development loan agreement of 41 million dollars provided by the Saudi Fund to finance the infrastructure rehabilitation project in the capital city.”

He also mentioned that the agreement signed is to rehabilitate the infrastructure of seven main roads in the capital city.

“The project will help to improve road connectivity, reduce traffic, enhance safety, enhance access to basic services and contribute to the commercial and residential development,” he noted.

H.E  Al-Marshad went on to state that the project will create many job opportunities and will help the tourism sector.

“This project will act as a driver for economic growth and improve the quality of life for the people of Dominica,” he stated.

An official statement released by the Office of the Prime Minister expressed hopes on the government’s part for strengthened ties with the Saudi Kingdom:

“The Government of Dominica welcomed the partnership with the Saudi Fund for Development, viewing it as a step towards strengthening ties with Saudi Arabia.”

 

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16 Comments

  1. Rambo
    September 18, 2024

    madam Skerrit
    why not take 50% of that loan to develop possie
    possie is the hub for boating tourism during the off hurricane season
    u all plan to build a mariner in the near future
    the medical school is close to the city
    u have an existing 4 or 5 star hotel up in that area and 1 waiting to be completed
    its about time we pay attention to our so call 2nd town and put some money into developing the place

  2. Jaime Ann Lewis
    September 17, 2024

    Sounds like an excellent opportunity for employment to get this work done within a reasonable time frame. Then later on, all entrepreneurs will get moving to open small businesses. Now is the time for secondary schools to begin preparing young people for their own enterprises. Farmers can begin planting more crops to fuel the restaurants. Seamstresses can begin sewing traditional wear. Stop importing cheap articles from China and start producing local. Now that Roseau will be elevated to a real city, there are endless opportunities awaiting the general populace. People in the Diaspora should consider funding small businesses, find opportunities for remote work.
    Think modern city with nail salons, barber shops, day spas, cafe’s, Uber Eats, courier and other delivery services, Hookah and cigar lounges, natural foods, used bookstores, tours of the city, museums, street cleaners, flower shops, duty free shops, and the list goes on…the possibilities are endless for Roseau! Let’s go!

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0
  3. Long-term Results
    September 17, 2024

    While at it, since you won’t give us a glimpse of what our loan will buy, rename all the streets named after invaders to honor the many noble Dominicans, for God sake.
    They were so named to remind you who is your daddy 👨 those f escamotere dispatchers and commanders of slave ships that brought you here and took your place.

  4. Help us Lord
    September 16, 2024

    Lord help us with this lying Devil, and deliver our country from this evil man who knows that he is cornered and, his time is very short

    Well-loved. Like or Dislike: Thumb up 16 Thumb down 6
    • Gary
      September 17, 2024

      Do you think your concept of evil is what the Lord adheres to lol. It is easy to utter such a nonsensical comment without knowing what an evil man truly is.

      Hot debate. What do you think? Thumb up 6 Thumb down 9
  5. Fake
    September 16, 2024

    I am convinced…for Dominica to do better….this carbal need to be voted out….the pain is real….let them conduct a pole and they will see how unpopular they are…varcarbond

    Well-loved. Like or Dislike: Thumb up 14 Thumb down 7
    • Putin
      September 17, 2024

      They did so as recently as December 6, 2022. A national poll (NOT a “pole”) in which you could freely participate. That kind of poll is the ONLY poll that matters, not those imagined or created by you or the enemies of the state.

      Hot debate. What do you think? Thumb up 7 Thumb down 6
  6. Countryman
    September 16, 2024

    How is Dominica going to pay back this loan when it is struggling to take care of existing loans and currently furloughing civil servants

    Well-loved. Like or Dislike: Thumb up 18 Thumb down 6
  7. Pierro
    September 16, 2024

    With this easy, low interest loan, I wonder what’s in it for Saudis? These Arabs don’t scratch back if their back don’t get scratched. The Dominican people have a right to know.

    Well-loved. Like or Dislike: Thumb up 13 Thumb down 5
  8. Roger Burnett
    September 16, 2024

    I hope the debt of EC$111 million will take Roseau beyond the recycled artist’s renditions displayed behind the lectern.

    But before going further, may I suggest that a few hundred dollars from the loan be spent on copies of Gordon Cullen’s book, “The Concise Townscape” and make it required reading for all involved.

    Hot debate. What do you think? Thumb up 7 Thumb down 4
    • Putin
      September 17, 2024

      So, Roger, you figure if each Dominican reads this book, it will somehow convert Roseau into this dynamic and modern city that we all seek, huh?

      Garsan, the heat is getting to you! Not even Antrim is cool enough to shield you from these recurring bouts of delirium.

      Hot debate. What do you think? Thumb up 3 Thumb down 6
      • Roger Burnett
        September 17, 2024

        The book will not serve to convert Roseau into the dynamic and modern city that you yearn for. But it will give visual coherence and enable Roseau to retain its own identity. That being, a small town on a small island.

        Please feel free to stop by my studio when you next pass by Antrim. I will willingly share with you my lifetime’s study of townscapes. You will doubtless find me in one of my recurring bouts of delirium, but that state of being is the essence of creative thought. Bewarned, it can be contagious!

      • if we knew better
        September 19, 2024

        Are you an idiot Putin? The heat and the rum getting to you? He is suggesting that the people the decision makers the designers involved in this new renovation of Roseau read the book so that they they can do a thorough and thoughtful job. Im not a genius and even i was able to clearly comprehend thats what he meant. Is EVERY Dominican going to work on fixing Roseau? the answer is no. Too many of our people think and reason like fools without cognitive thinking and comprehension skills. Maybe thats why DLP still in power.

  9. Ibo France
    September 16, 2024

    Only when promises from this insanely dishonest and profiteering regime have concretized, will I give any credence to what emanates from their filthy mouths. This concoction of thugs, cheaters and scoundrels that illegally occupies the offices of government is not to be trusted. They deserve our collective scorn.

    Why am I so harsh in my criticism of the current administration? This red shirt gangsters have a penchant for lies, wickedness, sins, greed, selfishness, arrogance, blasphemy and idiocy.

    A government should be always be people centered not self-centered like the ruling bunch of parasitic hypocrites who has a hostile relationship with facts.

    Hot debate. What do you think? Thumb up 5 Thumb down 6
    • Putin
      September 17, 2024

      Yup, you will remain in the yard screaming and foaming at the lips while around you the “red shirt gangsters” build the city. Just doh toofay; at least, not yet.

  10. derp
    September 16, 2024

    blah blah blah all talk, show people the plans and what exactly will be done, Roseau already has a drainage problem especially when it rains heavily. I hope those streets are truly modern eh….

    Hot debate. What do you think? Thumb up 7 Thumb down 4

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