Saudi Arabia Grants $41 Million Loan for Roseau’s Urban Enhancement Project
In a significant development, Finance Minister Dr. Irving McIntrye has successfully secured a substantial $41 million loan from the Kingdom of Saudi Arabia for the Roseau Enhancement Project in Dominica. This pivotal initiative aims to redefine Roseau’s urban landscape, encompassing vital infrastructure upgrades such as roadways, bridges, pedestrian walkways, and urban lighting.
Dr. McIntrye, presenting the loan in Parliament, outlined the terms: a 28-year repayment period with a 2.5 percent interest rate and an eight-year grace period. He emphasized the urgency of the project, citing the rising costs of construction and the strategic timing aligned with Dominica’s anticipated economic growth.
Parliamentary Representative Melissa Poponne-Skerrit hailed the project as a long-awaited transformation for Roseau. She envisioned a modern, green, and dynamic city, accessible to all citizens, including senior citizens and those with disabilities. The enhancements include new and covered drains, upgraded lights, widened roads, and improved sidewalks, fostering economic growth and civic pride.
Prime Minister Roosevelt Skerrit, expressing gratitude to Saudi Arabia, highlighted the broader vision for Dominica’s development. With Roseau’s transformation secured, he revealed his focus on the next phase, envisioning a modern cruise ship village with new piers and an advanced cargo port. The move signifies a dynamic shift for Dominica, unfolding before the eyes of its citizens.
The loan, beyond financial significance, symbolizes the collaborative spirit between nations and the shared vision for Dominica’s flourishing future.
This article is copyright © 2023 DOM767
