OPEC Fund to Finance Construction of Link Road Project; Senate Approves

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Updated: March 11, 2016

As it relates to the  Loan Motion brought before the Senate, it is a loan for eleven million seven hundred and eighty thousand US dollars from the OPEC Fund for International Development.  The proceeds from this loan will be used to construct a road from mile eight on the George Price Highway to the Philip Goldson International Airport.  The loan is for a 20-year term with first payment due in 2021 at a two point seven five interest rate.  Opposition Senator, Paul Thompson made his debut presentation on this loan motion.

While Senator Thompson expressed the opposition’s preference in using the funds elsewhere, the Senator for the Business Community, Marcelo Blake asked for details and accountability.

 

Senator Godwin Hulse assured Blake that the process is transparent and spoke to Thompson’s comments saying that the benefits of the project are self evident and that the Opposition Leader did note during the tabling of the motion that this was an idea of the PUP.

 

The loan motion was passed in the Senate.