Remarks by

Financial Secretary

Ministry of Finance

Mr. Jeremiah Frett

$100 million Loan Facility Signing

With CIBC First Caribbean Bank (Cayman) Limited

31 October, 2024

Good morning, Premier, colleagues and those listening online.

Last night the Yankees nation and I went to bed a bit saddened by our unexpected loss. However, I was awakened with hope and optimism for these Virgin Islands.  A brighter future where we will embark on a critical step forward in the ongoing recovery and development of these Virgin Islands. As you know, the Territory has faced significant natural disasters and economic challenges in recent years.

In the aftermath of the 2017 flood and hurricanes, our Government took decisive action to rebuild and restore our infrastructure. We secured significant funding, including a substantial loan from the Caribbean Development Bank, to support these efforts. While these funds have been vital to our recovery thus far, the rising costs of essential services and infrastructure projects have placed a significant strain on our resources.

To address these challenges and continue our progress, the Government of the Virgin Islands has now secured a $100 million credit facility from CIBC FirstCaribbean International Bank (Cayman) Limited. This financing will enable us to undertake a range of critical infrastructure projects that will improve essential services, and repair and modernize public facilities. These projects will not only stimulate economic growth, but also create jobs.

The Government has carefully prioritized these projects to maximize their impact on our community. In addition, we have engaged in extensive consultations with stakeholders to ensure that our investments align with the Territory’s long-term development goals through the National Sustainable Development Plan.

It is important to note that we have taken a fiscally responsible approach to securing this financing by ensuring it conforms with our Medium-Term Debt Strategy and Medium-Term Fiscal Plan. The terms of the loan are favorable, and we have implemented robust measures to ensure that the funds are used efficiently and effectively.

This new credit facility represents a significant milestone in our journey towards a stronger, more resilient, and prosperous Virgin Islands. We are confident that these investments will benefit the people of the Virgin Islands for generations to come.

I take this opportunity to publicly thank my team at the Ministry of Finance, the Attorney General Chambers, Walkers, CIBC and all those responsible for making this loan facility possible.  More so Minister, for your leadership and steadfastness in realizing this significant achievement.