ROADTOWN Tortola BVI, May 23rd, 2012   –  Premier and Minister of Finance Dr. the Honourable D. Orlando Smith, OBE is currently in the Cayman Islands attending the annual meetings of the Caribbean Development Bank’s (CDB) Board of Governors, following his announcement of Her Majesty’s Government’s (HMG) approval of a $15.67 million loan for this Territory’s infrastructural development.

Prior to his departure, the Honourable Premier told the Department of Information and Public Relations, “HMG’s approval of the loan signals the mature relationship formed and firmly establishes Government’s vision to build a better British Virgin Islands through various programmes to stimulate the economy. Representation at the CDB’s annual meeting affirms BVI’s appreciation, commitment and involvement in this programme.” The meetings begin tomorrow and end on Thursday. The Premier first announced CDB’s approval on Friday, May 18 at the ceremony to declare Gun Creek a port of entry.

During his remarks, he said that he received approval via letter last week from the Minister for United Kingdom Overseas Territories Mr. Henry Bellingham, MP. The actual loan was approved by the House of Assembly on July 14, 2011, but was not pursued due to HMG’s initial disapproval.

At Friday’s event, Premier Smith said, “This $15 million injection is just the fillip that this economy needs at this point to take this country to the next level. My Government is looking forward to working with the CDB as well as our local contractors and others to this end. We shall be moving full steam ahead to begin to rebuild our roads, our bridges and other infrastructure.”

Financial Secretary Mr. Neil Smith and the Premier’s Private Secretary Mrs. Desary Cameron-McDowell are accompanying Honourable Smith.

In the absence of the Premier, Deputy Premier and Minister for Natural Resources and Labour Dr. the Honourable Kedrick Pickering will act as Premier and Minister of Finance in accordance with Section 55 (1) of the Virgin Islands Constitution Order, 2007.

The section states: “If the Premier is expected to be absent from the Virgin Islands for more than forty-eight hours, the Governor shall authorise the Deputy Premier to perform the functions of the office of Premier; and the Governor shall revoke this authority on the return to the Virgin Islands of the Premier.” The Premier is expected back in the Territory this Thursday evening.

The British Virgin Islands is a founding member of the Caribbean Development Bank, which among other benefits entitles the Government to give loans, administered through the National Bank of the Virgin Islands, for education, training and agriculture.

The Caribbean Development Bank, established in 1969, is a regional financial institution based in Barbados, with a mission to contribute to the economic growth and development of its 18 Caribbean borrowing member countries and to promote economic cooperation and integration among them.

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