Montserrat Signs Grant Agreement for Port Development
Hon. Premier and Minister of Finance, DonaldsonÂ Romeo has signed, on behalf of the Government of Montserrat, the grant agreement for theÂ Port Development Project.
The grant agreement between the Caribbean Development Bank (CDB) and theÂ Government of Montserrat for fourteen million, four hundred thousand pounds (14,400,000Â mn) was signed by Premier Romeo on Wednesday, April 11, 2018. The signing follows theÂ CDBâ€™s notification to the Government of Montserrat of the grant approval. The approvalÂ came as result of the Governmentâ€™s March 2017 application to the CDB, for a grant toÂ assist in financing a project for the development of the port at Little Bay under the UnitedÂ Kingdom Caribbean Infrastructure Partnership Fund (UKCIF).
Prior to signing the grant agreement, Premier Romeo, the Ministry of Finance and theÂ projectsâ€™ implementing Ministryâ€”the Ministry of Communications, Works, Labour andÂ Energy (MCWLE) conducted an extensive review of the conditions of the grant, discussedÂ the possibilities to maximize the Project to fit in line with Montserratâ€™s future infrastructureÂ 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 ofÂ Finance and Economic Management and the MCWLE for their hard work, dedication andÂ contribution in bringing the project to this stage.
The grant from the CDB represents 67% of the project cost. The first disbursement of theÂ grant is expected in June 2018, followed by quarterly disbursements until the grant is fullyÂ disbursed at approximately May 31, 2021. The Government of Montserrat will finance theÂ remaining seven million, and ninety-eight thousand pounds sterling (7,098,000) or 33% ofÂ the project cost.
The grant approval will ignite the commencement of a public consultation to inform theÂ residents of the proposed developments and use their inputs to aid in the orchestration ofÂ the final designs.
The Port has been identified as a high priority project and is consistent with theÂ Governmentâ€™s priorities to improve access and connectivity. The Montserrat PortÂ Development Project aims to improve efficiency, effectiveness and resilience of the PortÂ facilities which will provide a safe harbour and accessibility to all users.
The project will be implemented by the MinistryÂ of Communications, Works, Labour andÂ Energy (MCWL), through its technical arm, the Public Works Department (PWD).