Dominica Signs US$41 Million Loan Agreement with Saudi Fund for Development

Dominica’s Prime Minister Roosevelt Skerrit looks on as his Finance Minister Dr. Irving McIntyre and SFD chief executive officer, Sultan Al-Marshad, signing the loan agreement.

Project Details

Dominica has signed a US$41 million loan agreement with the Saudi Fund for Development (SFD) for a project to enhance the capital, Roseau. The government said the project will play a major role in the island’s future socio-economic development.

Prime Minister’s Remarks

Prime Minister Roosevelt Skerrit, speaking at the signing ceremony held over the weekend, said that the Roseau Enhancement Project is a “significant investment in the future of the capital city and, by extension, the future of Dominica.

Infrastructure Development

“We have long recognized that for our nation to flourish, we must build modern, resilient, and sustainable infrastructure. Several large-scale initiatives are currently underway, and others are about to commence in the country, and the Roseau Enhancement Project is a key component of our vision for long-term sustainable development,” Skerrit said.

Benefits

“Our efforts in the capital will stimulate local businesses and open doors for new enterprises, creating more jobs and opportunities for everyone. Equally important is the chance to enhance the quality of life for our residents,” he said, adding, “This initiative is not only about esthetics, but about creating a space where people want to work, live, and invest in the future.”

SFD Chief Executive Officer’s Remarks

SFD chief executive officer Sultan Al-Marshad said the agreement “marks a significant milestone with the signing of the first development loan agreement worth US$41 million.

Project Objectives

“The project will help improve road connectivity, reduce traffic, enhance safety…and contribute to the residential and commercial development. Additionally, it will create many job opportunities and will help the tourism sector,” he said, adding, “This project will act as a driver for social and economic growth and improve the quality of life for the people of Dominica.”

Loan Terms

The loan has a 2.5 percent interest rate, an eight-year grace period, and a 28-year repayment period.

Conclusion

The Roseau Enhancement Project is a significant step towards Dominica’s future socio-economic development. The project will improve infrastructure, stimulate local businesses, and enhance the quality of life for residents.

FAQs

Q: What is the value of the loan agreement?
A: The loan agreement is worth US$41 million.

Q: What is the purpose of the project?
A: The project aims to enhance the capital, Roseau, and improve infrastructure, stimulate local businesses, and enhance the quality of life for residents.

Q: What is the interest rate on the loan?
A: The interest rate is 2.5 percent.

Q: What is the repayment period for the loan?
A: The repayment period is 28 years, with an eight-year grace period.