GIS – Three motions were approved at Tuesday’s House of Assembly sitting.
Parliament authorized the Minister for Finance, Economic Affairs, Planning and Social Security to guarantee amounts ranging from EC$5 million to EC$32.2 million, for varying capital projects.
The amount of EC$5, 814, 758.70 was approved for Bocage to Sunbilt and Entrepot to Independence City Road Rehabilitation Works, while EC$12.2 million was approved for the purpose of financing the resurfacing of the Alan Bousquet Highway Project spanning Union to Babonneau.
In his presentation, Prime Minister and Minister for Finance Hon. Dr. Kenny D. Anthony outlined the terms of the guarantee.
“The payment period shall be no more than five years starting one year from the date of issuance of the Commencement Order or three months from the issuance of the Take Over Certificate, whichever is the later. The payment amount is repayable by equal quarterly payments of every year of the payment period at the rate of 5.5 percent per annum on the reducing balance.”
In addition, parliament also authorized the Minister for Finance to guarantee the amount of EC$32.2 million for the purpose of financing the East Coast Rehabilitation Project from Canelles to Praslin.
“The payment period shall be no more than five years, or eighteen months after the project start date. The payment amount is repayable by twenty equal quarterly payments of EC $5,814,758.70 over the payment period at the rate of 7 percent per annum and the terms and conditions proposed by the Government of Saint Lucia are accepted.”
The approvals satisfy the legal requirements for these sums to be paid out of the Consolidated Fund.