The Government of St Vincent and the Grenadines was credited by the World Bank with US$51 million on August 8. This represents just over half of the total funding for the Arnos Vale Acute Referral Hospital.
On Tuesday, finance minister Camillo Gonsalves said the project will cost US$98 million, with 80 million going toward building the hospital and purchasing equipment.
An estimated US$64 million will be provided for the hospital project through a loan from the World Bank. An interest rate of 2% is offered with a grace period of 10 years and a maturity of 40 years.
A soft loan from OPEC Fund for International Development (OFID) will provide the remaining funds for the hospital project, about US30 million.
