Parliament authorized the use of the Kuwait Fund for Arab Economic Development for major infrastructural work in Saint Lucia.

Prime Minister and Minister for Finance, Hon. Dr. Kenny D. Anthony, was given parliamentary authorization on Tuesday, to borrow KD$3,500,000.00 from the Kuwait Fund for Arab Economic Development.

The loan will be used to finance the Choc Bay/Gros Islet Road and Secondary Roads Improvement Project. The funds equate to just over EC$30 million.

Dr. Anthony said the funds will contribute to the project and the overall economic development in Saint Lucia.

“[This loan will be used] for the purpose of financing the Choc Bay/Gros Islet Highway and Secondary Roads Improvement Project, and to support the social and economic development in Saint Lucia through the improvement of transportation in the northern part of the island by catering to the existing growth of traffic, reducing travel time and improving secondary roads for traffic diversion."

The main infrastructure components of the project include widening the existing two-lane road to a four-lane dual carriageway from Choc to the Gros Islet junction; upgrading the Marisule, Monchy, Glace Motors, Bois d’Orange, Rodney Bay, Bonne Terre and Gros Islet junctions to improve traffic flow; constructing and strengthening pedestrian walkways with safety bars and foot paths; constructing nine overhead footbridges with reinforced concrete designs capable of withstanding high impact loads and high lateral loads resulting from earthquakes and hurricane force winds (these will be constructed at Marisule, Glace Motors, East Winds, Bois d’Orange, Monchy, Rodney Bay, Bonne Terre, Gros Islet and Wyndham); and upgrading the drainage infrastructure and ancillary structures.

The Kuwait Fund extends loans on concessionary terms to finance development projects in Arab and developing countries.

The Prime Minister added that he was grateful for the more than reasonable terms of the finance agreement.

“It is rare in these times to receive such generous facilities and such generous conditions, and the Kuwaiti fund once again has been able to extend some support to the Government of Saint Lucia as it embarks on investing in the infrastructure of our country."

The fund also provides technical assistance to finance the costs of the feasibility studies of each project and training of the nationals of the borrowing countries.

The Kuwait Fund is the first aid agency in the world to be established by a developing country.