Press Release

Premier's Office
Ministry of Finance
Release Date:
Thursday, 16 April 2015 - 5:00pm

Continued upgrades to the Territory’s road networks are underway following a signing ceremony held today, April 16,  between the Government of the Virgin Islands and the Social Security Board for a loan agreement of $16 million.

The funds will be used to undertake major infrastructural works throughout the Territory, namely drainage improvement and rehabilitation of major roads. This comes as part of the Government’s development strategy within its medium term strategy to improve the road network, thus improving the road infrastructure through better engineering and drainage solutions.

Speaking at the signing ceremony, Minister for Communications and Works, Honourable Mark Vanterpool stated, “As a Government, we recognise and appreciate the efforts of the Virgin Islands Social Security Board, to fulfil its internal mandate, as part of its long term investment strategy, to contribute to the building up of our local infrastructure.”

 Minister Vanterpool added, “This Government has long recognised the need to constantly maintain and upgrade our road network throughout the Territory, which suffer from wear and tear and erosion over the many years. We remain fully committed to ensuring the safety of the motoring and pedestrian public and improving the quality of the roads, by resurfacing, improving the drainage systems and installing curbs and guard rails, where necessary.”

Chairman of the Social Security Board, Mr. Paul Webster, Q.C., also spoke at the ceremony and emphasised the Board’s commitment to the socio-economic development of the Territory.

As he recounted the Board’s history of investing in public sector socio-economic loans, Mr. Webster noted there has never been a default on a loan that has been issued to the Government.

He stated, “The Board is pleased to once again assist the Government and people of the Virgin Islands by investing in this project to improve the roads of the Territory. The approval of this loan, and others before, reflect the Board’s recognition of its financial and social responsibilities in administering the fund, and we are confident that this is another prudent investment by the Board.”

The Government of the Virgin Islands is committed to improving the Territory’s road infrastructure in keeping with the development strategy’s environmental goal which promotes sustainability in physical planning and management.