The Ministry of Finance, Trade and Investments (MoFTI) has obtained approval from the House of Assembly to enter into a loan agreement with the Royal Bank of Canada (RBC) for a $15m loan to assist with funding of the Capital Expenditure 2016/17. The loan is to be drawn down in two equal segments of $7.5m. Each segment shall be repaid in full over $42 months with a variable interest rate of LIBOR plus 1.20% subject to TCIG retaining a credit rating of BBB+.
The Ministry of Finance would like to remind the public that the total Capital Expenditure for 2016/2017 was approved by the House of Assembly during the budget debate in March 2016. A total of $36.5m has been appropriated, of which, $21.5m would be funded from the Consolidated Fund. Some of the projects to be undertaken in the next two fiscal years are:
- Road Development of $9.4 million –(including the Light House Road)
- Long Bay High School Phase III - $3m
- Construction of New Block- Eliza Simon’s Primary - $1.8m
- HJ Robinson Rebuilding Works - $2.2m
- Police Boats - $2m
- Fire Halls for TCI - $1.6m
- Blue Hills Master plan and Board Walk - $2.1m
- National Physical Development Plan - $1m
- Post Office Redevelopment - $1.1m
- Community Clinic – Bottle Creek - $1.8m
- Wellness Centre Phase II – $1.4m
- Bight Fish Fry and Cultural Village - $1.7m
- Wheeland Civic & Recreational Centre - $1m
- Mental Health Home Phase II - $650,000
- Upgrade of Sporting Facilities Centres - $1.6m
“This tranche of $15 million Dollars will allow the Government to invest, in well needed capital infrastructure that will continue to boost the economic growth of the TCIs and improve the standard of living of all residents,” stated Hon. C. Washington Misick, Minister for Finance, Investment and Trade.