HoA approves $100M loan from CIBC - loan will fund important infrastructural projects in VI

ROAD TOWN, Tortola, VI- A motion for the government of the Virgin Islands (VI) to borrow one hundred million dollars ($100m) from Canadian Imperial Bank of Commerce (CIBC) was passed in the House of Assembly (HoA) on Thursday, September 26, 2024.

The resolution was brought before the House by Premier and Minister of Finance, Dr the Honourable Natalio D. Wheatley (R7) during the Continuation of the Nineteenth Sitting of the First Session of the Fifth House of Assembly just one day prior and was before the House for debate. This loan was first mentioned to the HoA during the budget last year as part of the VI’s Medium Term Fiscal Plan.

Loan needed for long-awaited improvements to VI

The loan, which will be paid over the next 18 years, is designed to address challenges Virgin Islanders want resolved, according to the Premier. Dr Wheatley said these include solving problems such as the road network through proper engineering, drainage, support bases and sidewalks. The government, he added, wants to ensure these roads are built to last.