St Kitts and Nevis signs MoU with EXIM to secure $30M for sustainable agenda

St Kitts and Nevis: St Kitts and Nevis signed a Memorandum of Understanding (MoU) with the Export-Import Bank of the United States (EXIM) to secure $30 million in financing. The signing ceremony has taken place in Barbados between Prime Minister Dr Terrance Drew and officials from EXIM on Monday. 

The signing is aimed at enhancing the collaboration between the United States and St Kitts and Nevis on distinguished sectors of development. The funding is expected to support the efforts of the government in renewable energy, cybersecurity, infrastructure and critical minerals. It will also drive long-term economic growth and sustainability to the twin-island Federation. 

Through the MoU, the export of goods and services will be enhanced between the US and St Kitts and Nevis, aiming to enhance the sustainable island state agenda. The MoU also outlined their key areas of focus which will put light on the priorities including climate resilience, energy security, technology, digital connectivity and social development. 

The areas will foster the aim of modernizing infrastructure while providing assistance in driving capabilities of St Kitts and Nevis in technology. The goals to mitigate the impact of climate change will also be addressed through the agreement, aiming to help the small island nation in bolstering their response against these climatic conditions. 

The support from the bank will offer medium & long-term guarantees and direct loans with a mission to provide the necessary funding for the ambitious projects. 

Prime Minister Dr Terrance Drew expressed delight in diversifying the economy and said that the agreement will support their efforts in fulfilling the groundbreaking projects of St Kitts and Nevis. He said that the partnership will be significant in enhancing the sectors such as renewable energy and infrastructure with a mission to support a sustainable and resilient economy. 

The MoU is also aimed at fostering the ties between EXIM and St Kitts and Nevis as it was established in 1991. Due to these relations, they have already seen over $23 million in transactions with an intent to foster collaboration and economic ties.