Dominica and Saudi Arabia sign US$41m loan to enhance Roseau

Roseau, Dominica will receive much needed improvements following a loan agreement of US$41 million signed between Dominica and the Kingdom of Saudi Arabia.

The signing ceremony took place in Roseau on Saturday.

Prime Minister Roosevelt Skerrit says he is happy about the project which he describes as ‘a major investment in the future’ of Roseau and of Dominica.

“We have long recognized that for our nation to flourish we must build modern, resilient and sustainable infrastructure,” he said.

The project will see the reconstruction of seven main streets in the capital city.

- Advertisement -

Among other improvements it will help with road connectivity, ease traffic and enhance access to basic services in the city.

“Improvements to streets, sidewalks and public spaces will make daily activities safer and more convenient for all.  This initiative is not only about aesthetics but about creating a space where people want to live, work and invest in the future,” Skerrit remarked.

The prime minister noted that in addition to this improvement, the project will also stimulate economic growth directly benefitting locals.

“Our efforts in the capital will stimulate local businesses and open doors for new enterprises creating more jobs and opportunities for everyone.  Equally important is the challenge to enhance the quality of life of our residents.”

The Dominica leader highlighted this project is a key component of his government’s long-term vision of sustainable development for the country and forms part of several other large-scale initiatives that are either underway or about to commence.

Chief executive officer of the Saudi Fund for Development, Sultan Almarshad says his country is elated to collaborate with Dominica for the important project.

In her remarks as the Member of Parliament for Roseau, Melissa Skerrit lauded the favorable terms of the loan which comes at a 2.5 per cent interest rate, an eight-year grace period and 28-year repayment term.

“These conditions provide us with the financial flexibility to embark on a transformative journey for Roseau’s urban development and it is an opportunity our government has seized with both hands,” she said.