Dominica signs multi-million dollar agreement with China

The Dominica government today signed a US$40 million loan agreement with China saying that Beijing had also assisted the island in dealing with the global economic crisis, according to a report on cananews.net.



Prime Minister Roosevelt Skerrit said that the agreement would also lead to improved standards of living as well as create sustainable jobs in the country.



Government said that the money would be used to finance the rehabilitation of roads, construct new houses as well as a new Dominica State College.



\"We would have achieved our ultimate goal of improving employment, strengthening the economy and ultimately making the cost of living in Dominica more affordable for our families,\" said Skerrit, adding that Beijing had been helpful to his Caribbean nation \"minimize and cushion the full impact of the global economic downturn\".



\"China has remained loyal to the cause of Dominica and Dominicans and this ceremony here is a manifestation of the commitment even in difficult times when lenders write saying sorry we are unable to honour our commitment.\"



Skerrit said that the loan, which would be repaid over a 20 year period with an interest rate of two per cent annually, would help his government improve the socio-economic conditions for citizens.



\"We are also doing everything in our power to create more sustainable employment and high paying opportunities for our people,\" Skerrit said, noting that loans obtained on highly concessionary terms would \"be used only for investments purposes\".



The Chinese funds would also be used to beautify the capital and \"have lasting positive impacts on the lives of our people\".



\"I have indicated to current and potential investors and developers the need to make their investments as labour intensive as possible,\" he added