The Government of Montserrat and the Caribbean Development Bank (CDB) in cooperation with the United Kingdom Caribbean Infrastructure Fund (UKCIF) launched today with the Little Bay Port Development one of the largest projects in recent times in Montserrat.
“Today’s launch of the port project marks one of the first steps towards the fulfilment of the long hoped for transformation dream. We have had to change our path several times, tacking against the wind as we press on inch by inch towards our destiny. That is how, today, we are now witnessing the reality of one of Montserrat’s giant steps; a huge step for access, for trade and for tourism,” said Hon. Donaldson Romeo, Premier of Montserrat.
The new port with a total investment of £21.4 million (EC$ 76.5 million) will be able to accommodate larger cruise ships than those currently accommodated and it is expected that the number of cruise passengers will increase. The project has been made possible through grant funding of £14.4 million from the United Kingdom Department for International Development (DFID) under UKCIF. The Fund is administered by CDB. The Government of Montserrat is providing £7 million in counterpart resources with financial support from the European Union.
“Over the long term, the provision of reliable access and connectivity to the island for the movement of people, goods and services increases the trading potential with an ultimately positive impact on growth,” said Andrew Dupigny, Head, Infrastructure Partnerships, CDB.
The project will deliver a set of new cargo handling equipment for the Montserrat Port Authority. In addition, the project will build capacity within the Montserrat Port Authority by providing a number of training opportunities as part of the institutional strengthening component of the project.
During the construction phase from the end of 2019 to 2022, it is estimated that the project will create employment and generate business in other sectors of the economy than construction, including companies operating retail businesses primarily in the areas of housing, accommodation, rentals, taxi operation, vehicle rentals and businesses providing food and beverage services.
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Media Contact:
(in Montserrat): Government Information Unit +1 (664) 491-3378 giu@gov.ms
(in Barbados): Lothar Mikulla, CDB, +1 (246) 826-3412 (mobile), mikullal@caribank.org
(in London): Sarah Kerr, DFID, s-kerr@dfid.gov.uk
About the Caribbean Development Bank
The Caribbean Development Bank is a regional financial institution established in 1970 for the purpose of contributing to the harmonious economic growth and development of its Borrowing Member Countries (BMCs). In addition to the 19 BMCs, CDB’s membership includes four regional non-borrowing members – Brazil, Colombia, Mexico and Venezuela and five non-regional, non-borrowing members; i.e., Canada, China, Germany, Italy, and the United Kingdom. CDB’s total assets as at December 31, 2017 are USD3.02 billion (bn). These include USD1.64 bn of Ordinary Capital Resources and USD1.38 bn of Special Funds. The Bank is rated Aa1 Stable with Moody’s, AA+ Stable with Standard and Poor’s and AA+ Stable with Fitch. Read more at caribank.org.
About the United Kingdom Department for International Development
The Department for International Development (DFID) leads the UK’s work to end extreme poverty. DFID is helping to tackle the global challenges of our time and is building a safer, healthier, more prosperous world. Through DFID, the UK will provide over £400m to the Caribbean region to support climate and disaster resilience, promote economic growth and support the fight against organised crime. The UK Caribbean Infrastructure Fund (UKCIF) was announced in September 2015, and publicly launched in Jamaica on 4 April 2016 by DFID Minister Baroness Verma. UKCIF is providing £330 million in grant funding up to March 2024 for nine ODA eligible Caribbean Countries/Overseas Territories (Jamaica, Guyana, Belize, Dominica, Grenada, St Lucia, Antigua & Barbuda, St Vincent & the Grenadines and Montserrat).