BASSETERRE, St. Kitts, October 2nd 2012 (CUOPM) – The Nevis Island Administration (NIA) has received a EC$6 million cheque to finance capital projects from the St. Kitts and Nevis Sugar Industry Diversification Foundation (SIDF).
The SIDF in a statement on Tuesday said in response to a request from Premier the Hon. Joseph W. Parry, the CEO of SIDF, Mr. Terrence Crossman presented the EC$6 million to the Premier in the presence of Mr. Laurie Lawrence, Permanent Secretary in the Ministry of Finance on September 21st 2012.
“The loan will be used to carry out drainage work to alleviate flooding which damage roads and private properties in the affected areas, and to purchase necessary heavy duty equipment for the Public Works Department,” the SIDF statement said.
It reported that Premier Parry explained that with the global recession and the local debt restructuring programme, the NIA was unable to raise capital required to fund these and other urgent projects. Both Premier Parry and Lawrence expressed appreciation to the SIDF for the critical financial support provided.
Nevis has been benefitting from the SIDF through direct assistance to the NIA and ongoing programmes funded by the SIDF.
A loan of EC$3 million to the NIA helped to finance the construction of the Nevis Performing Arts Centre which was officially opened in April this year.
Also this year, grants totaling EC$1,173,409.00 were contributed to assist the Nevis Island Administration in implementing the Bath House and Stream Rehabilitation Project and the Saddle Hill and Surrounds Protection and Preservation Project.
SIDF also disclosed that earlier in September, the SIDF provided a grant in the amount of EC$1 million to fund the upgrade of the Charlestown Port in an effort to grow the cruise sector.
“Nevisian citizens have accessed residential loans under the Fund for the Realization of Economic Empowerment through Subsidized Housing (FREESH). Additionally, residents as well as businesses have benefitted from the boost in economic activity created as a result of the Airlift Support Programme that guarantees weekly arrivals of visitors to our Federation on American Airlines and British Airways,” the SIDF statement said.
The SIDF, established in 2006, has a mandate to provide support to Government in its efforts to diversify the national economy and maintain economic stability, and to support, finance or undertake the development of new and existing industries, projects or enterprises.
The SIDF may also provide grants, loans, budget support, debt forgiveness or assistance of any kind to the Government or to persons or institutions that qualify for such assistance under its policies.
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