Borrowing like it going out of style – Ingraham borrows $10 Million more for FNM cronies

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<<< The Hon Zhivargo Laing, Minister of State for Finance and Chairman of the Board of Governors of the Caribbean Development Bank is pictured (seated right) signing a $10,109,000 loan of intent and a $37,000.00 technical assistance grant with the Caribbean Development Bank for Family Island infrastructure projects at Sheraton Nassau Resort during the 40th Annual Meeting of the Board of Governors of the CDB, Tuesday, May 18. Also pictured is Dr Compton Bourne, CDB President, (seated left) and Yvette Lemonias-Seale, general counsel CDB (standing centre). Standing from left: Neville Grainger, vice president of Finance and Ehurd Cunningham, acting financial secretary in the Ministry of Finance and director for The Bahamas on the Board of Directors of the Caribbean Development Bank.

Nassau, Bahamas — The signing of a loan of intent for infrastructure projects in two Family Islands supports The Bahamas Government’s “Family Islands Transport Sector Enhancement Project”, the Hon Zhivargo Laing, Minister of State for Finance and Chairman of the Board of Governors of the Caribbean Development Bank (CDB) said.

The Government signed a $10,109.000 loan of intent and a technical assistance grant of $37,000.00 with the Caribbean Development Bank (CDB) for the reconstruction of two docks and two bridges in Andros and Eleuthera, Tuesday, May 18, 2010.

The loan of intent also includes preparation of feasibility studies for road and port infrastructure in Abaco and Great Exuma.

The signing was a part of 40th Annual Meeting of the Board of Governors of the CDB taking place at the Sheraton Nassau Resort from May 17 to 20.

Dr Compton Bourne, President, signed on behalf of the CDB and Mr Laing signed on behalf of The Bahamas Government.

In attendance at the signing ceremony was the Hon Brensil Rolle, Parliamentary Secretary in the Ministry of Housing and Bahamas delegate to the CDB meeting; Ehurd Cunningham, financial secretary in the Ministry of Finance and director for The Bahamas on the board of Directors of the Caribbean Development Bank.
Mr Laing said, “It is worth noting that this loan and funding provides for us to draw on lessons learned from other CDB executed projects and to incorporate those lessons into the design work.”

He pointed out that “corrosion” has been a significant factor in the deterioration of the existing infrastructure in these islands.

“The detailed design of the proposed dock and bridges will allow for the use of materials and application of techniques to control, retard and prevent corrosion and to reduce the extent of maintenance required,” he said.

This would increase the durability of the docks and bridges, Mr Laing explained.

The projects include reconstruction of the dock in Fresh Creek, Andros and refurbishment of the existing Customs and administrative buildings.

The loan of intent also includes the reconstruction of the Three Island Dock in Eleuthera, the construction of a new Dock-Master’s building and waiting pavilion and the reconstruction of a parking area.

The funding also includes the rehabilitation of the bridges in Deep Creek and Little Creek, Andros.
Mr Laing said the technical assistance component includes preparation of master plans for the marine and road transport facilities in Abaco and Great Exuma.

He said feasibility studies and designs will also be provided for the following: commercial ports in North Abaco and Great Exuma; a new north-south highway in Great Exuma and a Little Abaco/Great Abaco road link in North Abaco.

Dr Bourne said the CDB is happy to collaborate with the Government of The Bahamas in financing these projects.

“We share the Government’s view that economy diversification has to be pursued in the nation as a whole and that one has to ensure that activities extend to the Family Islands,” he said.

He said the CDB looks forward to the development of other projects and the bank’s role in financing such projects. “It signals a closer relationship with the CDB and the Government of The Bahamas,” he added.
He assured Minister Laing that the CDB would do whatever it can to have the projects implemented expeditiously.