Categorized | Featured, National News

Gov’t Accesses $100 Million IDB Loan

PM and IDB President

The government has accessed the Inter-American Development Bank’s (IDB) $100 million contingent loan for natural disasters and according to Minister of Finance Peter Turnquest, it will be used to restore public utilities and to provide shelter.

 “We’re also using some of that money to provide temporary shelter for residents as we try to encourage them to go back to these islands and help in their reconstruction. Some of it will be used in the immediate emergency relief that’s necessary in order to support them during this upscale cycle where we get people back and commerce started,” Minister Turnquest added.

His comments came yesterday at the Office of the Prime Minister, where IDB President Luis Alberto Moreno met with Prime Minister Dr. Hubert Minnis to discuss matters related to the rebuilding of the islands impacted by Hurricane Dorian.  

Mr. Moreno said the visit to was to show “solidarity” with The Bahamas, but more importantly with a view of how to rebuild Grand Bahama and Abaco, as IDB is a development institution.

The president announced that a team of IDB representatives will arrive in The Bahamas today to begin a major damage assessment on the cost of reconstruction for the hurricane stricken islands.

“One of the bigger challenges going forward [and I offered this to the prime minister] is how we can help him support the new ministry that is created to do the reconstruction and help them do the coordination with a number of donors,” Mr. Moreno said. 

“A very big team will be arriving and will be working for the next few weeks in doing a major damage assessment that will put a dollar amount as to how much is the cost of the reconstruction that will essentially allow the government of The Bahamas to go to its partners in different countries that have expressed an interest in reconstruction to see how we can get the funding for that.”

Mr. Moreno said discussions also centered on a $180 million project for the energy sector and the $100 million emergency line of credit for the use of immediate reconstruction, energy and water restoration and the initial phase of the removal of debris.

“I’m thinking, together with the prime minister, how to build back better and use the lessons from the horrible disaster to improve the lives of the people of The Bahamas and the Family Islands,” he added.

Written by Jones Bahamas

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