Government to guarantee loan for UWI open campus improvements

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Government to guarantee loan for UWI open campus improvements

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.

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20 COMMENTS

  1. I think that it is a good thing that the government is acting in this capacity to help the university to secure this loan. As a current student of the UWI Open Campus, anything done to improve the facilities at the school is welcomed.

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  2. Given past experiences I thought the PM handled this very poorly. MP Guy Joseph has every right to raise the concerns and questions he did. The PM and his cabinet may have the information but it's parliament that has the responsibility of approving. Therefore every member of parliament deserve to have all information regarding this deal. It doesn't matter who or what the guarantee is for. I am very disappointed in the PM and all the MPs who just sat there and not lend support to Mr Joseph

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  3. But were are the jobs for the potential graduates? In my opinion, that $18.2m would have been better spent on the widening of the Castries/Gros islet Highway.
    The Choc to Gros islet section of the highway, which was built 40 years ago when there were fewer than 5,000 vehicles on the road, is crying out for an expansion, but no one is listening; and as a result, it's hurting commerce, emergency vehicles, tourism, etc. Yet, we continue to put the cart before the horse.
    Chastanet was right; Kenny is not a good finance minister.

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    • Did you not read the part where it said "The government will not be responsible for meeting loan payments, and is acting in the capacity of guarantor"? smh sometimes we are too quick to comment when we do not understand!!!

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  4. Look at all the SLP bandits out in force redflagging the sensible comments.

    GodPutAHand said "Its not more debt, its more education choices, more diversity… please read people." What!? You've missed the point entirely.

    His Majestic Imbecile KDA says:
    "The government will not be responsible for meeting loan payments, and is acting in the capacity of guarantor."

    Question for some of the hardheads - WHO WILL BE PAYING IF THE DEBTOR DEFAULTS?

    Answer - you will! how can you act as guarantor and not be on the hook for it??! This is the law.

    Seriously, Parliament is just rubber stamping what he says, and it seems many of you don't understand what's being signed off in your name. How can you all complain about the 5% cut, for him to use that money to act as guarantor! It's nonsense.

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    • You are an idiot! Is it because it is an SLP endeavour that you appose such a venture? I think you should remove your bias and take a look at this venture again. At the end, I think you will change your tune.

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      • I don't like any of them. I call a spade a spade. When someone does something good, I praise them, when they are dishonest I will curse them. I'm a fair person.

        I work for an investment bank (not your cashier sort) so I know a little about finance obligations and how the law work.

        What do you think 'Guarantor' actually means? I know from your previous comments that you have a SLP bent, which is fine, but please stop putting your blind faith in them because this is why the country is in such a messed up place financially.

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  5. A good step, but why not have a real UWI campus in Saint Lucia for the OECS? The money would circulate within the OECS and not exported to Trinidad, Barbados or Jamaica...we've propped their economies for too long.

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  6. I typically don't support the spending that Gov't do especially when it comes to borrowed money. However, I am in full agreement with this one provided that UWI and Gov't provide St Lucian with an architectural drawing and a road map so that we can see what we are guaranteeing. There are many St Lucians who study at UWI abroad as well as students from other countries.
    This will give us a chance to benefit from 1. University level Education (not the likes of Monroe) 2. Investment from potential students coming from abroad. UWI is a profitable school ventre as seen in their balance sheet. Gov't and the people of St Lucia just need to ensure that they stay on top of UWI in light of our investment.

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  7. The MP for Castries South Asked a simple question of The P.M and that was how is the money going to be spent because the P.M did not elaborate.Well St.Lucians are by now have got accustomed the the arrogance of Kenny D. He replied by electing a commitee of three members making the MP for Castries South The Chairman.
    Iech Bennard shen paka ferre chat

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  8. Wat the hell kind if stupid deision is that? If a bank won't trust my friend to give him a loan why would i indebt myself as gaurantor for my friend's debt? Even judge judy watchers know this makes no sense. How many times must KDA do this to learn his leasson. Remember Rochemel? Same thing.

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    • This is actually a good thing, in case you couldnt tell, when you plan on going to further your education, you will have more options and a bigger and more diverse environment, because people would come to UWI rather than going to Monroe,.. which btw, most Americans dont even go to.. ( just saying)..

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      • Really! A region with just a few million people have so many universities. Do we really need more choices seeing as they will have the same programmes as Mona, St. Augustine and Cave HIll.

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        • But it will be cheaper to go to a university here as opposed to going to the other campuses of the university or any of the other ones that are in the Caribbean.

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