Roosevelt Skerrit, the Prime Minister of the Commonwealth of Dominica attended the loan signing event for the Roseau Enhancement Project on Saturday. Dominica’s government signed a loan agreement with SFD (Saudi Fund for Development) of Saudi Arabia for this project.
The Roseau Enhancement Project aims for overall development of Roseau, the capital city of Dominica. Parliament has already approved the request for loan amount of US $41 Million (EC$111 million).
Notbaly Roseau Enhancement Project includes rehabilitating the main streets and cover many other works that will make Rouseau more beautiful city. Some of the important work will include improving street lighting systems, sidewalks, road rehabilitation and better drainage facilities.
PM Skerrit while taking to his social media handles shared glimpses of the signing ceremony as well. He also addressed the attendees of the event. As per PM Skerrit, “This loan agreement is a sign of peace, togetherness and the will to work together to improve lives and achieve sustainable development goals.”
At the same time, PM Skerrt expressed his gratitude to the Saudi Arabian government for this loan agreement and reiterated his government’s commitment to the country’s overall development.
It is to be noted that the loan agreement was signed by the Minister for Finance, Economic Development, Climate Resilience and Social Security, Irving McIntyre, and the CEO of the SFD (Saudi Fund for Development) Sultan Al-Marshad at the Douglas-Charles Airport. The both have signed the agrement in the presence of Prime Minster Skerrit and other officials of both sides.
The Minister for Housing and Urban Development, Melissa Poponne Skerrit also graced the event with her esteemed presence. Melissa Poponne Skerrit, while sharing her view, said, “This help from Saudi Arabia will be a big boost for the successful completion of the Project.”
On the other hand the CEO of the Saudi Fund for Development, Sultan Al Mashed thanked people of Dominica for a grand welcome. He expressed hope that the project would create jobs and support tourism.
The loan amount will be repaid back over next 28 years at an interest rate of 2.5%. The agreement also provides an eight-year grace period.