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UK Offers £300 Mil To BVI In Loan Guarantees

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BVI Platinum News | November 28, 2017 12:25 pm MST
 
 
Photo Credit: GIS

The UK Prime Minister, Theresa May, today confirmed a package of £300 million of UK loan guarantees, along with a £10 million grant for the BVI.

Loan guarantees mean the UK will take responsibility for the debts if the BVI defaults on payments in the future.

May confirmed the package of support with British Territory Leaders when she met with them at Downing Street today.

The funds are in addition to the £92 million already committed by the UK to the region-wide relief effort to date.

Governor Augustus Jaspert and the Premier Hon. Dr. D. Orlando Smith, who are currently in the UK, welcomed the new package which will be used for continued recovery and reconstruction in the Territory.

In a release today, the government said the funds were announced at the start of the annual Joint Ministerial Council Meeting, where leaders from 11 British Overseas Territories gather annually to discuss key priorities.

Top of the agenda this year is hurricane relief and recovery following the recent devastation caused across the Caribbean by Hurricanes Irma and Maria.

Governor Jaspert said, “The Premier and I are delighted that the UK is continuing to demonstrate its commitment to the Virgin Islands. This announcement comes at a crucial time for our islands. There are still challenges ahead, but I am confident this support will help us overcome some of them. This additional financial support from the UK will help us progress on the road to recovery.”

Premier Smith said, “I welcome the announcement by the UK Government to further support BVI’s recovery. This is an important step in helping our people put their lives, and our island back together. We look forward to working with the UK as well as our local, regional and international partners to rebuild the BVI.”

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