CDF approves funds for St Vincent
Published:Wednesday | October 13, 2010 | 12:00 AM
The CARICOM Development Fund (CDF), says it has approved US$4.2 million to the St Vincent and the Grenadines government for use towards the construction of the Argyle International Airport.
The CDF said that the funds to be used by the Argyle International Airport Development Company consist of a US$1.6 million grant and a US$2.5 million concessional loan.
CDF Chief Executive Officer Ambassador Lorne McDonnough said that the funds would allow for the acquisition of equipment to facilitate the runway-paving works, which will commence in the first quarter of 2011.
He said the CDF would also provide one million US dollars for the supply and installation of runway lights and emergency generators.
The new Argyle Airport will provide St Vincent & the Grenadines with direct regional and international jet-air access to CARICOM, North America and Europe.
Ambassador McDonnough said the project when completed, would reduce the disparity which places the people of Saint Vincent and the Grenadines at a disadvantage within CARICOM, and could constrain their economic development as well as their ability to participate effectively in the CARICOM Single Market and Economy.
- CMC