The Caribbean Development Bank financed a $130 million loan that enabled Saint Vincent and the Grenadines to complete its upgraded Kingstown Port, which opened on Friday, October 25. Additional support came through a $3 million technical preparation grant and $36 million implementation grant from the United Kingdom Caribbean Infrastructure Fund, both administered by the bank. The facility features climate-resistant engineering designed to survive severe weather while incorporating environmental and social protections.
Bank Vice President Isaac Solomon described the maritime terminal as proof of what collaborative effort can achieve for economic transformation. The infrastructure upgrade strengthens regional commerce and positions the island nation as a central shipping center. Officials relocated 49 households from Rose Place using counterpart money, maintaining neighborhood connections while enhancing residential safety and living standards.
The December 2019 board approval marked the development bank's largest single capital commitment to any borrowing nation at that time. Solomon pledged continued partnership with Saint Vincent and the Grenadines to advance sustainable expansion and community empowerment across the Caribbean.
Bank Vice President Isaac Solomon described the maritime terminal as proof of what collaborative effort can achieve for economic transformation. The infrastructure upgrade strengthens regional commerce and positions the island nation as a central shipping center. Officials relocated 49 households from Rose Place using counterpart money, maintaining neighborhood connections while enhancing residential safety and living standards.
The December 2019 board approval marked the development bank's largest single capital commitment to any borrowing nation at that time. Solomon pledged continued partnership with Saint Vincent and the Grenadines to advance sustainable expansion and community empowerment across the Caribbean.
