US$40 Million loan from Export Import Bank of China
will finance major projects in Dominica
Roseau, Dominica – September 4, 2009……… The signing of a Framework Agreement between the Government of Commonwealth of Dominica and the Government of China at a ceremony at the Financial Centre on Wednesday paves the way for the Government of Dominica to finalise discussions with the Export-Import Bank of China for a loan not exceeding US$40 million to undertake four major projects in the Roseau area.
Prime Minister and Minister for Finance and Social Security, Hon. Roosevelt Skerrit signed on behalf of the Government of Dominica. China’s Ambassador to Dominica, His Excellency,
Deng Boqing signed on behalf of the Chinese Government.
The projects to be financed include: the construction and expansion of the Dominica State College, the construction of the State House; construction of new facilities to house the offices of the Electoral Commission; rehabilitation of major roads in Roseau, including Independence Street, Great George Street, King George V Street, Hanover Street and housing development in Roseau.
According to the Prime Minister, the loan is a highly concessional one. The repayment period for the loan is twenty (20) years including a grace period of five (5) years at an interest rate of 2 percent per annum.
In his remarks the Prime Minister singled out the commitment of the Chinese Government to the people of Dominica.
” China has remained loyal to the cause of Dominica and Dominicans, and this ceremony here this morning is another manifestation of their commitment, even, as I said, in difficult times when it is commonplace for lenders to write saying ‘ sorry, we can no longer honour our commitment’. The Government of Dominica is inspired by this continued show of solidarity.”
The Prime Minister also reaffirmed the unflinching adherence of the Government of Dominica to the One-China principle.
“There is no doubt that this relationship has certainly been mutually beneficial to both sides. And Ambassador let me here again reiterate the Government’s full commitment and support of the One-China principle upon which this relationship is solidly entrenched,” Prime Minister Skerrit concluded.