Press Release From Independent Source
Historic Loan Signing Ceremony!
Thursday, October 31, 2024, Premier and Minister of Finance, Dr the Honourable Natalio D. Wheatley (R7), 2nd from left, made history by signing the largest loan agreement in the Virgin Islands’ history—a $100 million facility with CIBC First Caribbean Bank (Cayman) Limited. Photo: Facebook
ROAD TOWN, Tortola, VI- Today, Thursday, October 31, 2024, Premier and Minister of Finance, Dr the Honourable Natalio D. Wheatley (R7), made history by signing the largest loan agreement in the Virgin Islands’ history—a $100 million facility with CIBC First Caribbean Bank (Cayman) Limited.
This pivotal funding will support critical infrastructure development across the Territory, aligning with the 2024-2026 Medium Term Fiscal Plan and Medium-Term Debt Strategy.
During the ceremony, Premier Wheatley emphasized the importance of this loan in enhancing living standards and fostering sustainable development for our communities.
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7 Responses to “Historic Loan Signing Ceremony!”
( Annual Percentage Rate, c) the amortization schedule ( the monthly, quarterly, annual payment), d) penalties, if any, for early payoff, e) the total projected interest on this loan, etc. The Social Security Board is looking for investment opportunity(s) to invest in, does it not? Is so, was the Social Security Board engaged and , if no, why not? Spending , buying local has a multiplier effect on the economy.
The TPP port project sold securities to raise money for the project. Could the same clued have been done on this project?
2. How is the money to be spent? Media reports on this have been inconsistent and in some cases have added up to more that $ 100 mill.
3. What measures, if any, will be taken to make sure that the loan money is properly expended and accounted for?