{"id":329025,"date":"2024-09-16T13:13:54","date_gmt":"2024-09-16T17:13:54","guid":{"rendered":"https:\/\/dominicanewsonline.com\/news\/?p=329025"},"modified":"2024-09-16T13:42:03","modified_gmt":"2024-09-16T17:42:03","slug":"government-of-dominica-finalizes-loan-agreement-with-saudi-fund","status":"publish","type":"post","link":"https:\/\/dominicanewsonline.com\/news\/homepage\/news\/government-of-dominica-finalizes-loan-agreement-with-saudi-fund\/","title":{"rendered":"Government of Dominica finalizes loan agreement with Saudi Fund"},"content":{"rendered":"
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(L-r) Hon. Roosevelt Skerrit, Saudi official, Hon. Dr. Irving McIntyre<\/figcaption><\/figure>\n

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.<\/span><\/p>\n

Previously, Parliament approved the goverment’s loan request to the Saudi Fund<\/a> 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.<\/p>\n

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Hon. Melissa Popone-Skerrit<\/figcaption><\/figure>\n

Melissa Poponne-Skerrit highlighted the goal of transforming Roseau into a dynamic, modern city, stating, \u201cThe 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,\u201d she remarked.<\/p>\n

\u201cAs we look ahead to the construction of our international airport, maintaining the standard of Roseau is vital,\u201d she noted. \u201cOur capital must be a destination that travelers are eager to explore. A showcase of our country\u2019s best where history, opportunity and a healthy vibrant environment exist.\u201d<\/p>\n

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, \u201cOur 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,\u201d he said.<\/p>\n

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

\u201cSeveral 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.<\/p>\n

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.\u201d<\/p>\n

Meanwhile, Chief Executive Officer of the SFD H.E \u00a0Al-Marshad said, \u201cToday 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.\u201d<\/p>\n

He also mentioned that the agreement signed is to rehabilitate the infrastructure of seven main roads in the capital city.<\/p>\n

\u201cThe project will help to improve road connectivity, reduce traffic, enhance safety, enhance access to basic services and contribute to the commercial and residential development,\u201d he noted.<\/p>\n

H.E \u00a0Al-Marshad went on to state that the project will create many job opportunities and will help the tourism sector.<\/p>\n

\u201cThis project will act as a driver for economic growth and improve the quality of life for the people of Dominica,\u201d he stated.<\/p>\n

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:<\/p>\n

“The Government of Dominica welcomed the partnership with the Saudi Fund for Development, viewing it as a step towards strengthening ties with Saudi Arabia.”<\/p>\n<\/div>\n

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