The multi-million dollar Port Modernisation Project will be the most important capital project to be executed by the government in 2022.
This is according to Prime Minister Dr. Ralph Gonsalves who was at the time making his contribution to the debate in parliament yesterday on the 2022 budget estimates which amounts to 1.3 billion EC dollars.
Prime Minister Gonsalves said the Port Modernisation Project is of critical importance to SVG’s economy even though it will incur more debt.
PM Gonsalves rubbished claims that the new port project which will be in Rose Place is not necessary at this time, noting that extensive consultancy work was carried out and found that the two ports Currently in use at Campden Park and Kingstown are inadequate.
The UK Caribbean Partnership Infrastructure Fund and the Caribbean Development Bank along with the government of SVG are funding the new port project to the tune of 110 million US dollars.
PM Gonsalves said he is pleased with the CDB’s confidence in SVG’s economy by granting the government the largest loan ever.
Prime Minister Gonsalves told parliament that SVG’s economy fared well this year, despite the many challenges brought on by the COVID -19 pandemic and the eruption of La Soufriere volcano.
