Premier Romeo Signs Grant Agreement for Port Development
Premier and Minister of Finance, the Honourable Donaldson Romeo on Wednesday signed, the 14.4 million pound grant agreement for the Port Development Project.
According to a Government Information Unit Press Release issued Thursday afternoon, the signing follows an extensive review of the conditions of the grant among Premier Romeo, the Ministry of Finance and the projects’ implementing Ministry—the Ministry of Communications, Works, Labour and Energy.
This involved discussions on the possibilities to maximize the Project to fit in line with Montserrat’s future infrastructure and economic growth prospects.
The Government of Montserrat received grant approval from the Caribbean Development Bank following its application for funding to assist in financing a project for the development of the port at Little Bay under the United Kingdom Caribbean Infrastructure Partnership Fund, UK-CIF.
The grant from the CDB represents 67% of the project cost.
The first disbursement of the grant is expected in June 2018, followed by quarterly disbursements until the grant is fully disbursed at approximately May 31, 2021.
The Government of Montserrat will finance the remaining seven million, and ninety-eight thousand pounds sterling or 33% of the project cost.
Upon signing the agreement, Premier Romeo expressed his appreciation to the Ministry of Finance and Economic Management and the MCWLE for their hard work, dedication and contribution in bringing the project to this stage.
A public consultation to inform residents of the proposed developments has also been announced.
These discussions would be used to allow the public to share their input to aid in the development of the final designs.
The Port has been identified as a high priority project and is consistent with the Government’s priorities to improve access and connectivity.
The Montserrat Port Development Project aims to improve efficiency, effectiveness and resilience of the Port facilities which will provide a safe harbour and accessibility to all users.