Just under US$180 million will be spent under a two-phase programme to modernise the Kingstown Port in St Vincent.
Under the project, a new cargo port will be constructed, as well as the creation of a road network to improve access and traffic flow around the central business district of Kingstown.
The announcement was made by the Caribbean Development Bank (CDB) on Thursday which approved a loan of US$110 million to fund the project. Additional funding will be provided by the CDB-administered United Kingdom Infrastructure Fund (US$32 million) and the Government of St Vincent and the Grenadines, which will provide US$43 million.
“…the Kingstown Port modernisation project will deliver economic growth, while supporting improved livelihoods, poverty reduction and safer conditions for citizens…”– Resident British Commissioner to St Vincent and the Grenadines, Steve Moore
Vice-President of Operations at the CDB said “Modernisation of the Kingstown Port is an important component of the Government’s vision for transforming St Vincent and the Grenadines into a modern, competitive, private-sector led economy. CDB’s investment in the St Vincent port modernisation will boost the efficiency of cargo services; revitalise Kingstown; and enhance the business environment; while expanding employment opportunities and reducing poverty.”
Additionally, those affected by the planned construction will be consulted and compensated, said the CDB, including residents and fisher folk in Rose Place Community and vendors in Little Tokyo.
Resident British Commissioner to St Vincent and the Grenadines, Steve Moore, said “The United Kingdom is pleased that the Kingstown Port modernisation project will deliver economic growth, while supporting improved livelihoods, poverty reduction and safer conditions for citizens, which is the goal of the United Kingdom Caribbean Infrastructure Fund.”
An intra-regional cargo terminal and an inter-island ferry terminal will be built in the second phase of the project.