Lawmakers voted unanimously Monday to approve a $35 million loan to fund the BVI Electricity Corporation’s Phase Five Expansion plan, which will see the corporation installing two new generators at its Pockwood Pond power plant and improve transmission from that plant to the Long Bush station.
The loan, to be taken from the Social Security Board, will carry a 3.5 percent interest rate for the first seven years, and a five percent interest rate after that, according to a motion read in the House by Premier Dr. Orlando Smith, who is also the territory’s minister of finance. The loan is to be repaid in 15 years, with payments due each quarter, according to the motion.
Lawmakers also voted unanimously to guarantee the BVI Ports Authority’s borrowing of $15 million to complete the landside portion of the territory’s cruise pier development.
Deputy Premier Dr. Kedrick Pickering, the minister of natural resources and labour, also told the House that the territory is moving ahead with greenhouses at Paraquita Bay. Dr. Pickering said that a recent “technical audit” by International Business and Trade, LLC, the company contracted to build the greenhouses in 2009, shows the greenhouses are largely in good condition.
“Notwithstanding the current unenthusiastic chatter about the state of the greenhouse project, we are poised to move forward in a very meaningful way with a view to having production by the end of this year,” Dr. Pickering said.
The House was slated to return to its session at 2 p.m. to continue with a debate on a Tourist (Duty Free Shopping System) Act, and the naming of several House committees.
See the July 9, 2015 edition for full coverage.