St Kitts and Nevis to allocate funds for vital national projects including Hurricane preparedness 

St Kitts and Nevis: The government of St Kitts and Nevis has decided to forgo the CBI dividend as these funds will be allocated to prioritize vital national projects. The projects will include investment in the Development Bank and hurricane preparedness.  

The announcement was made by Prime Minister Dr Terrance Drew during the press conference where he added that the decision is important for the well-being, physical and financial survival of the nation.  

Prime Minister Drew noted that the CBI dividend is supposed to being paid twice yearly depending on a surplus from the CBI receipts after all financial obligations are met. It has also seen two dividends and one resent paid so far.  

With this step, St Kitts and Nevis become the first country to implement such a system and PM Drew noted that due to the recent adjustments of the CBI and raise the standard of the programme according to several obligations, a surplus was not realized this period.  

Further, he outlined the projects in which the funds of the Citizenship by Investment Programme will be used and added that this is for the betterment of the socio-economic aspect of the country. 

According to the PM Drew, the first priority will be given to the savior of the Development Bank which will further support the social security aspect of St Kitts and Nevis. The second priority of the government will be the investment of the $50 million on the construction of the desalination plant which will commence in the country soon.  

Thirdly, the government will allocate the funds for their resilience preparation against the Hurricane Season to mitigate its harsh impacts. By explaining all these obligations, PM Drew added that these commitments are essential for the national’s physical and financial survival.  

PM Drew further asserted that his administration will work for the transparency of the CBI Programme and take decisions which are best for the citizens. He said that the financial management and wellbeing of the nation are their top priorities in the current times.