Dominica has officially signed a $41 million loan agreement with the Saudi Fund for Development (SFD) to move forward with the Roseau Enhancement Project. The signing took place at the Douglas-Charles Airport on September 14, 2024, with Finance Minister Dr. Irving McIntyre and SFD CEO H.E. Sultan Al-Marshad representing both parties. Prime Minister Roosevelt Skerrit and Minister for Housing Melissa Skerrit were also present.
The loan, which comes with a 2.5% interest rate, will be repaid over 28 years, including an eight-year grace period. This funding will enable major upgrades to seven streets in Roseau, improving connectivity, reducing congestion, and boosting safety. The improvements are expected to stimulate local businesses, promote tourism, and create new jobs.
The Roseau Road Infrastructure Project is not just about improving our streets; it is about creating a city that attracts investment, boosts tourism, and elevates the standard of living for all our citizens.
Melissa Skerrit, Minister for Housing & Urban Development
Prime Minister Skerrit emphasized the long-term benefits of the initiative, noting, “Improvements to streets, sidewalks, and public spaces will make daily activities safer and more convenient.” He added that the project aims to create a space where residents can live, work, and invest in the future.
The Roseau Enhancement Project will cover upgrades to Independence Street, Bath Road, Cork Street, Great George Street, Virgin Lane, River Street, and King George V Street. The government views this partnership with the Saudi Fund for Development as a positive step in strengthening ties with Saudi Arabia and furthering national development.
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