GIS – The House of Assembly has authorized Prime Minister and Minister of Finance. Hon. Dr. Kenny D. Anthony to borrow US$750,000 from the Caribbean Development Bank for rehabilitation works following the 2013 Christmas Eve trough.
The trough caused widespread flooding that claimed several lives and resulted in severe infrastructural damage and the loss of personal property and business inventory.
Dr. Anthony told the House on Tuesday that the World Bank estimates the damages from the Christmas Eve trough to be about US$89, 199,867. That figure, coupled with the devastation of Hurricane Tomas in 2010, totals about US$1.2 billion in damages, in under five years.
Dr. Anthony said the current loan is small compared to what is really needed for the country’s recovery.
“As it is well known, the amount of money being made by the Caribbean Development Bank overall, is really insignificant in terms of the overall cost of the damage and the repairs which have to be made to our infrastructure. I think it is well known that US$750,000 can really hardly go very far. Basically the projects that were financed are really very small projects, very mundane projects to accommodate that amount.”
The loan was approved at a rate of 2.5 percent per annum on the amount of the principal withdrawn and outstanding at the time. It will be repaid in thirty two installments.