St. Vincent and the Grenadines Friday launched the US$250.8 million Kingstown Port Modernization Project, anticipating an increase in trade and export as well as driving economic diversification in the country.
The project involves a major expansion of the island’s main port facilities including the construction of a new cargo port and upgrading of surrounding roadways. The improved amenities will facilitate better access to goods and services and greater economic opportunities for some 110,000 citizens.
The joint initiative is being undertaken with grant financing of £27.7 million (US$36 million) from the United Kingdom Caribbean Infrastructure Fund (UKCIF), which is being administered by the Barbados-based Caribbean Development Bank (CDB).
The CDB is providing US$110 million in loan financing, and St. Vincent and the Grenadines government allocating US$104.8 million towards the project. The venture is the largest project undertaken by the CDB in its 52 years of operation.
Addressing the launch ceremony, CDB’s Vice President, Operations, Isaac Solomon said, “improved ports of entry like that planned for St. Vincent and the Grenadines are part of the trade ecosystem, and can potentially lead to major and far-reaching positive impacts – by facilitating rising exports, enhanced logistics services, and connectivity between production and consumption, economic exchange and market space can be expanded, employment increased and lives improved.
“The project is consistent with CDB’s strategic objective of building production resilience and is in keeping with our poverty reduction mandate. CDB remains a long-standing partner of the Government, working collaboratively to create a more competitive economy,” he added.
British High Commissioner to Barbados and the Eastern Caribbean, Scott Furssedonn-Wood commended St. Vincent and the Grenadines government for continuing to advance the port project despite having to manage the devastating eruption of La Soufrière last year and the ongoing COVID-19 pandemic.
He also lauded the government for its continued commitment to the social aspects of the project, noting “this is truly a transformative project, and we are proud to support our Commonwealth partner St. Vincent & the Grenadines in this venture.
“The UK will continue to work in partnership with St. Vincent & the Grenadines to support inclusive, resilient growth and other development priorities to improve the lives and prosperity of its people.”
The CDB said that the new port will increase the island’s climate-resilient economic infrastructure.
The construction and operation phases will facilitate sustainability including preservation of the marine environment and will promote economic opportunities for people including youth and women. Training and support will also be provided for relevant project-affected persons.
“Other anticipated long-term benefits include increased trade, economic diversification, improved efficiency in seaport operations, and enhanced border security, supporting improved social and economic conditions for the people of Saint Vincent and the Grenadines,” the CDB added.
CMC
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