CDB approves US$5.6 million loan to Anguilla towards Hurricane Irma recovery
Published:Monday | May 28, 2018 | 10:54 AM
ST. GEORGE’S, Anguilla, CMC – The Barbados-based Caribbean Development Bank (CDB) has approved a US$5.6 million loan to Anguilla to assist the British Overseas Territory meet its fiscal obligations after the destruction caused by Hurricane Irma last September.
A CDB statement said that the funds, which were approved at the bank’s board of directors meeting, will allow the government to focus on its recovery priorities, without having to divert resources to meet financing needs.
“Hurricane Irma resulted in a major economic setback for the island of Anguilla. The government is now facing a financing gap, having had to meet increased spending needs, while at the same time facing a loss of revenue from a missed tourism season,".
“This loan will provide a needed liquidity buffer for post-Irma rehabilitation during 2018, allowing focus to be placed on the critical social and economic needs of the country,” said Dr. Justin Ram, Director of Economics at CDB.
The loan is repayable over a 13-year period, inclusive of a grace period of three years.
The CDB said that Hurricane Irma caused an estimated US$507 million in damages when it passed through the Lesser Antilles last September.
It destroyed much of the island’s physical infrastructure, air, and sea ports.
In addition, the tourism industry, the main driver of growth in the country, suffered significant losses.
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