REMARKS BY PROJECT COORDINATOR, DR. DREXEL GLASGOW AT THE LAUNCH OF THE REHABILITATION AND RECONSTRUCTION LOAN- HURRICANE IRMA
It is my distinct honour to welcome you to the official Launch of the Rehabilitation and Reconstruction Loan between the Government of the Virgin Islands and Caribbean Development Bank. This loan marks a financing agreement between the Government and the Bank for $65,291,000, which is projected to be disbursed over the next two and a half to three years.
The outcomes and outputs of this loan is multi-sectoral; meaning it will impact the recovery process in various disciplines and areas. The loan is designed to achieve its outcomes through,
- The rehabilitation and reconstruction of critical social and economic infrastructure in the transport, water and sewerage, governance, education and national security sectors;
- The provision of technical assistance in design and construction supervision services; and
- Institutional strengthening for psychosocial support and disaster mitigation.
The loan project will be implemented using a myriad of procurement methods required under CDB’s Procurement Guidelines, and applicable to the engagement of consultancy services, purchasing of goods and materials, and procurement of construction works. It is important to note that the Bank’s Guidelines, while holding similar principles to the local procurement processes, has different requirements that should be properly understood by both Government representatives, and the private sector which will be responsible for executing the outputs of the Project.
Over the next day and a half, CDB representatives will deliver a workshop targeted primarily at Government stakeholders who will have some level of responsibility in implementation of the projects under the loan. It is expected that the Bank will take this opportunity to inform and train on its Procurement Guidelines as it relates to this Loan, Environmental and Social Context and Impacts, Project Monitoring and Evaluation, the Legal Aspects of CDB Financing, and Disbursement Policies and Procedure.
It is expected to be a packed couple of days, but we are grateful that CDB has taken the time to come with such a large representation to ensure that the GOVI can fully benefit from the proceeds of the Loan.
I take this opportunity to welcome the Bank’s representatives to the shores of the BVI; those who are here for the first time, those who are returning, and those who just cannot get enough of the BVI and really desire to stay. We look forward to our partnering and making this loan project a great success!