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BiWater secures $43M loan to fund water & sewerage project

BiWater has reportedly secured a $43m loan from Barclays Bank, according to a report published in the UK Times on December 30, 2013. Photo: VINO/File
Managing Director of BiWater, Mr Richard F. Smith, told Virgin Islands News at the time that his company was happy about the development. Photo: VINO/File
Managing Director of BiWater, Mr Richard F. Smith, told Virgin Islands News at the time that his company was happy about the development. Photo: VINO/File
Works Minister Hon. Mark H. Vanterpool disclosed that the BiWater project would not affect the mangroves in the Paraquita Bay location. Photo: VINO/File
Works Minister Hon. Mark H. Vanterpool disclosed that the BiWater project would not affect the mangroves in the Paraquita Bay location. Photo: VINO/File
ROAD TOWN, Tortola, VI – BiWater has reportedly secured a $43m loan from Barclays Bank, according to a report published in the UK Times on December 30, 2013.

Barclays has reportedly agreed to provide the financing to BiWater Plc to ensure a reliable year-round supply of drinking water on the VI’s most populated island of Tortola.

The England-based BiWater, which was set up 45 years ago, is also tasked with improving wastewater treatment (sewerage) facilities that will aid the marine environment, the London-based Barclays said in a statement. 

BiWater received approval from Cabinet in January 2013 to source water through a pond in Paraquita Bay. Minister for Communications and Works Hon. Mark H. Vanterpool disclosed at the time that the project would not affect the mangroves in that location.

Managing Director of BiWater, Mr. Richard F. Smith, told Virgin Islands News then that his company was happy about the development and had been waiting on the approval to move on to the next stage.

The company signed an agreement with government in 2010 to provide a potable water supply and improve sewerage treatment facilities in the Territory.

11 Responses to “BiWater secures $43M loan to fund water & sewerage project”

  • ccc (02/01/2014, 15:01) Like (2) Dislike (0) Reply
    Bi water again
  • wow (02/01/2014, 15:21) Like (4) Dislike (1) Reply
    VIP a waste !!
    • Righty (02/01/2014, 20:27) Like (0) Dislike (0) Reply
      "repayment guaranteed by the UK Government's export credit agency" - but wait the BVIG name change?
  • xxcff (02/01/2014, 18:42) Like (0) Dislike (1) Reply

    Good job biwater

    • ABC (04/01/2014, 13:18) Like (0) Dislike (0) Reply
      Whats good about it? Dont be fooled. First we heard they are coming with their own money now we are understanding they dont have any money?
  • True (02/01/2014, 20:27) Like (0) Dislike (0) Reply
    it will be us who will be paying barclays back, wait till the price goes skyward for basic water
  • wise up (02/01/2014, 21:41) Like (2) Dislike (2) Reply
    VIP gave us Bi Water; its now 2014 and no water from bi water
  • fish market (02/01/2014, 22:26) Like (0) Dislike (1) Reply
    all the mouth the NDP had they still cannot touch biwater...VIP got balls
  • qc (02/01/2014, 23:02) Like (0) Dislike (0) Reply
    That’s a great step, but it’s a pretty small step on the road to fixing teh swerage before the next elections
  • moneyfacts (03/01/2014, 01:45) Like (0) Dislike (0) Reply
    Barclays is not a charitable institution. Check their terms and conditions of the loan! What is their collateral requirement for fourty million dollars? Be careful what you wish for------You might get it. Some very expensive water is in the pipe-line!


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