BVI Government Receiving US$65.5mn in Loans and Grants

The board of directors of the Caribbean Development Bank has approved that US$65.5 million will be provided to the government of the British Virgin Islands, in loans and grants. The loans are aimed to assist with the recovery, rehabilitation and reconstruction of social and economic infrastructure in the jurisdiction.

According to the preliminary assessment report estimates of the BVI government, there are US$3 billion in damage and losses from Hurricane Irma, which is three times the annual gross domestic product of the country. 

The rehabilitation and reconstruction project which includes several components is to strengthen the socio-cultural and economic preparedness and resilience of the British Virgin Islands to future climate-related hazards. It will be supported through US$65.2 million loan and US$300,000 grant.

In Autumn 2017, three immediate response loans were already approved by the Caribbean Development Bank, totalling US$2.25 million and an emergency relief grant of US$200,000 to the British Virgin Islands after the Hurricanes Irma and Maria, and Tropical Storm José.