Montserrat Signs Grant Agreement for Port Development
Hon. Premier and Minister of Finance, Donaldson Romeo has signed, on behalf of the Government of Montserrat, the grant agreement for the Port Development Project.
The grant agreement between the Caribbean Development Bank (CDB) and the Government of Montserrat for fourteen million, four hundred thousand pounds (14,400,000 mln) was signed by Premier Romeo on Wednesday, April 11, 2018. The signing follows the CDBs notification to the Government of Montserrat of the grant approval. The approval came as result of the Governments March 2017 application to the CDB, for a grant to assist in financing a project for the development of the port at Little Bay under the United Kingdom Caribbean Infrastructure Partnership Fund (UKCIF).
Prior to signing the grant agreement, Premier Romeo, the Ministry of Finance and the projects implementing ministry, the Ministry of Communications, Works, Labour and Energy (MCWLE) conducted an extensive review of the conditions of the grant, discussed the possibilities to maximize the Project to fit in line with Montserrat’s future infrastructure and economic growth prospects and sought clarification with the CDB on some areas.
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.
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 (7,098,000) or 33% of the project cost.
The grant approval will ignite the commencement of a public consultation to inform the residents of the proposed developments and use their inputs to aid in the orchestration 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.
The project will be implemented by the Ministry of Communications, Works, Labour and Energy (MCWLE), through its technical arm, the Public Works Department (PWD).