ST. GEORGES, Grenada — THE Government of St. Kitts and Nevis has signed on to a US$90 million in funding for major infrastructure and trade development projects across the Federation, following two key agreements signed today (Jul. 28) during the 4th Africa-Caribbean Trade and Investment Forum.
Agriculture Minister Samal Duggins signed a US$40 million loan agreement with Gemini Commodities Limited and the African Export-Import Bank (Afreximbank) for the development of a deep-water port in the New Guinea area.
The signing took place on the sidelines of the high-level forum in St. George’s, Grenada, where leaders from across Africa and the Caribbean are exploring new avenues for regional investment and trade collaboration.
SKNVibes News understands that the facility—New Guinea Dock & Moorings—is earmarked as the key site for the port development.
“This port is said to be one of the areas for trade,” Minister Duggins told SKNVibes News. “Firstly, across the region, but more importantly trade between Africa, and South America and the Caribbean.”
He explained that the agreement aligns with the government’s broader goal of creating strategic trade links between St. Kitts and Nevis and other regions.
“This deal would fund all of the studies and then actually into the project and then the port for St. Kitts and Nevis and trade with Africa and the region,” the minister added.
The first phase of the port project includes funding for feasibility studies and initial infrastructure development. Although the signing was finalized on Monday, Duggins confirmed that preliminary studies are already underway.
Prime Minister Dr. Terrance Drew signed a US$50 million agreement with Afreximbank aimed at advancing the country’s public infrastructure.
Speaking to SKNVibes News, Dr. Drew described both agreements as transformational for the Federation’s economy through infrastructure development.
"We know that we are building out a modern infrastructure in St. Kitts and Nevis to really help us transform the economy of St. kitts and Nevis. And it is a partnership with the Afreximbank which can help tremendously," he said.
On the deep-water port initiative, the Prime Minister said the signing reflects the government’s intent to construct a modern port facility that will enhance the local economy by boosting regional and international trade.
Afreximbank, a key partner in these efforts, is facilitating stronger investment flows between Africa and the Caribbean as part of its ongoing mission to promote South-South cooperation.
