PRESS RELEASE – The Government of Saint Lucia has received approval from parliament to guarantee a sum of EC$18,200,000 for the purpose of extending the University of the West Indies (UWI) Open Campus at Morne Fortune, after the Caribbean Development Bank (CDB) requested the security of a government guarantee.
The decision was made earlier today, Aug. 12, at a sitting of the House of Assembly.
“This resolution is very straightforward,” Prime Minister Dr. Kenny D. Anthony said. “The University of the West Indies is borrowing $18,200,000 from the Caribbean Development Bank (CDB) to expand its facilities at Morne Fortune. It is a welcome expansion, as we are all aware that the existing facilities are limited.”
The CDB hesitated to make the loan available to the university under its own recognizance or on the basis of collateral offered by UWI, preferring instead a government guarantee. As a result, the Vice Chancelleor of UWI wrote to the Government of Saint Lucia requesting assistance.
The government will not be responsible for meeting loan payments, and is acting in the capacity of guarantor.
“I know that members of this House are very sensitive to matters of education, so I trust, in that spirit, that we will endorse this request,” Dr. Anthony said. “I’m sure the university will be able to meet its commitments and I think we should support its efforts to modernize the facilities available to students.”
Dr. Anthony added that the university has completed drawings and is ready to commence construction.