KINGSTOWN, St. Vincent – The Vincentian account at the Eastern Caribbean Central Bank will by Wednesday register a deposit of US$19 million, a loan from the ALBA Bank.
Prime Minister Dr. Ralph Gonsalves said yesterday that the loan would be for 25 years at 2 per cent interest annually.
“Anybody give you a loan at 2 per cent and give you 25 years [to repay it], it’s a gift,” he told the Unity Labour Party’s 18th convention.
“I am going to put US$8 or 9 million to the airport and put some to the central government,” said Gonsalves, who is also Minister of Finance.
“You know, as the monies come, you have to put it,” he further stated, adding that the loan is non-concessional financing.
“… and they say I must un-sign ALBA, I must un-sign Petro Caribe which has already provided $30 million to the international airport at Argyle and provided tremendous funding for poverty reduction project, including agricultural development?” he said in a swipe at the opposition New Democratic Party.
Gonsalves further iterated that the EC$652 airport would be complete and certified in time to begin operations in 2014.