Dominica: $41 Million agreement signed for Roseau Enhancement Project

Dominica: An agreement of US$41 million was signed by the government of Dominica for the much-awaited Roseau Enhancement Project on Saturday. Through an official signing ceremony, PM Roosevelt Skerrit addressed the gathering and stated that it will transform the urban landscape of the capital city.

The agreement signing ceremony was attended by Saudi Fund for Development CEO Sultan Al-Marshad, Dominica's Prime Minister Dr Roosevelt Skerrit, Minister of Finance, Economic Development and Climate Sustainability Dr Irving McIntyre and Melissa Skerrit, Minister of Housing.

The project aims to commence soon with its construction and will focus on a major rehabilitation of the 7 main streets of the city. 

According to the agreement made between both the federations, US$41 million will be allocated for the refurbishments. This loan will act as a catalyst for the planned enhancements to be carried out smoothly across the nation. 

The Minister of Housing, Melissa Skerrit, in regard to the astounding loan amount being sanctioned by the Saudi delegation said that it will act as a driving force for a seamless enhancement and provide the town with a significant transformation that she envisions. 

Expressing similar views, the head of the Saudi delegation and chief executive officer of the Saudi Fund for Development, Sultan Al Mashad said, “This project will act as a driver for society, economy growth, and improve the quality of life for the people of Dominica.”

“I would like to express my gratitude to his excellency the honorable Prime Minister, the government official, and the people of Dominica for your warm welcome and generous hospitality,” he added while extending his gratitude for a warm welcome on the arrival to the island nation. 

US$ 41M AGREEMENT 

Minister Melissa Skerrit noted that the amount has been sanctioned upon certain conditions, that have been designed to provide Dominica with financial flexibility. 

She said that a 2.5% interest rate would be applicable on the amount along with an 8-year grace period. Minister Melissa stated that the total tenure for loan repayment will be 28 years. 

“These conditions provide us with the financial flexibility to embark on a transformative journey for Roseau's urban development, and it is an opportunity our government has seized with both hands,” she added. 

On the other hand, the Minister of Finance, Irving McIntyre stated, “It is important to note that these terms will not only provide some fiscal space, but with the expected economic results will limit the burden on future generations.”

STATEMENTS BY THE PRIME MINISTER DR ROOSEVELT SKERRIT

PM Roosevelt Skerrit said with immense pride that he is optimistic about the future projects and noted it as a major investment for the future of Dominica. He emphasized that for a substantial development of the island, a need for modern, resilient, and sustainable infrastructure becomes a necessity. 

“Dominica is on a journey of becoming the world's first climate-resilient nation and the Roseau enhancement project is perfectly aligned with this ambition,” he added.

It was specified that the project will aim to improve the quality of life of the citizens, by creating constructive job opportunities for the youth and boosting tourism industry of the country. 

The Prime Minister noted that the project will soon be commencing with the construction of the project, while emphasizing that it will potentially improve the lives of the locals. 

“And soon, we shall see actual physical work commencing on this long-awaited project. But even more so, to witness the positive impact it will have on the lives of our people,” Prime Minister Skerrit said. 

The Prime Minster further said that the project stands as a testament to for the nation’s achievement to purposefully improve the lives of the citizens across all regions. He ended his part while extending a thanks to the authorities of Saudi Arabia, while also highlighting that their partnership will last for several years to come. 

PLANNED REHABILITATION

The dynamic development of the capital city will aim to improve drainage works, and electricity lines on the ground, ultimately improving the city’s skyline and experience. These rehabilitations will provide the city’s infrastructure with a modernized look, further enhancing its resilience. 

During this year’s budget session the minister of finance, Dr Irving Mclyntre shared a breakthrough of the planned designs highlighting that it will enhance the comfort of residents, businesses, and tourists. 

Plans are to enhance commutation through building sidewalks and broader roads to enhance the flow of traffic. The designs are also aligned to add more green spaces and showcase the cultural heritage and tradition of Dominica.

“The enhancements we envision will go beyond beautification,” said the Minister of Housing, Melissa Skerrit. She also highlighted that the designs are made to accommodate wheelchair facilities and an ease of using strollers for mothers.