Dominica officially signs US$41 M loan agreement with Saudi Fund for Roseau Enhancement Project

In a significant development, the government of Dominica has officially signed the loan agreement documents with the head of the Saudi delegation for the highly anticipated Roseau Enhancement Project.

The signing ceremony for the US$ 41 million loan took place on September 14, 2024 and signaled the commencement of enhancing the capital city.

During the ceremony, Prime Minister Dr. Roosevelt Skerrit recognized it as a ‘sign of peace’ and noted, “It is a sign of togetherness and a sign of willingness to work to help improve the lives and achieve the sustainable goals that all of us are aspiring to achieve.”

The documents were signed by Minister Irving McIntyre on behalf of the Government of Dominica and HE Sultan Abdulrahman Al-Marshad, the Chief Executive Officer, Saudi Fund for Development.

The ceremony was also addressed by Minister for Housing and Urban Renewal, Melissa Skerrit who called the funding as the ‘driving force’ behind the Roseau Enhancement Project focusing on road infrastructure, an ambitious initiative that aims to breathe new life into the streets and the sidewalks of the historic city. 

“I cannot express the excitement and the joy that I feel knowing that we are about to embark on a project that will truly transform our capital,” added Melissa Skerrit. 

She further stated the government’s simple yet bold vision ‘To create a city that is vibrant, modern and reflective of the pride in our heritage.’

The Minister further noted that this 41 million loan comes with favourable terms which includes a 2.5 interest rate and a 28 year repayment period.

She said that these conditions provides the government with financial flexibility to embark on a transformative journey for Roseau’s Urban Development and it is an opportunity the government has seized with both hands.

Meanwhile, the Housing Minister said that the Roseau Infrastructure Project is not just about improving the streets but about creating a city which attracts investment, boost tourism and elevates the standard of living for all the citizens.

Melissa Skerrit outlined, “Our main streets such as Independence Street, Cork Street, Great George Street, Bath Road, Virgin Lane, and King George Street will receive the facelift that they deserve.”

Not only this, but she also mentioned that as the island is looking forward to the construction of the international airport, maintaining the standard of the Roseau is very important. “Our capital must be a destination that  travelers are eager to explore, a showcase of our country’s best where history, opportunity, and a healthy, vibrant environment exists,” she added.
 
In addition to this, the Minister emphasized that the enhancement will go beyond beautification as widening the roads will create more space for commercial activities, encourage pedestrian traffic, ease parking congestion and for the first time, the capital will have a smooth surface which will offer complete wheelchair accessibility.

Melissa Skerrit expressed her gratitude on behalf of the government to the Saudi Arabia Development Fund for the generous loan which will help the island nation move towards its goal of enhancing Dominica and become the world’s first climate resilient nation.