Prime Minister Dr. Ralph Gonsalves has outlined the strategic importance of St. Vincent’s newly modernized port facility, assuring citizens that the project represents a critical pathway to economic growth and sustainability.
During a radio interview on BOOM 106.9 FM, Gonsalves provided transparent insights into the port’s complex financing structure, highlighting a nuanced approach that minimizes financial risk.
The $700 million project is supported by a $36 million grant and favorable “soft loans” from international partners, including the Caribbean Development Bank (CDB) and Taiwan’s EXIM Bank.
“The CDB granted $110 million because they thoroughly evaluated our comprehensive viability plan,” Gonsalves explained. “This isn’t a speculative investment – it’s a carefully calculated economic strategy.”
Gonsalves emphasized the port’s potential to generate broader economic benefits, particularly in tourism and local agriculture. “When tourists arrive, they don’t just bring themselves – they bring increased demand for local goods, supplies, and services,” he noted.
Highlighting the interconnected nature of the investment, Gonsalves pointed to potential synergies with hospitality sectors like Sandals, which can create consistent markets for local farmers and fishermen.
Looking ahead, the government plans to:
- Repurpose Camden Park for entrepreneurial activities
- Develop a comprehensive export strategy
- Create new economic opportunities for St. Vincent’s citizens
