A loan of USD 1.5 million from the Caribbean Development Bank (CDB) will be used to finance remedial efforts following the heavy rains that Saint Lucia faced in 2022.
During Tuesday’s session of the House of Assembly, the Public Finance Management Act was approved, allowing the Government of Saint Lucia to secure the funds.
Prime Minister Philip Pierre informed parliament that the money would be allocated for clean-up and reconstruction activities due to the damage inflicted on infrastructure from the intense rainfall in November 2022.
On November 6 of that year, an upper-level trough triggered significant flooding and landslides in the northern regions and other areas of Saint Lucia.
Pierre reported to parliament that the damage from recent rains amounted to USD 9.5 million, as assessed by the Ministry of Infrastructure.
Minister Stephenson King explained that the Caribbean Development Bank (CDB) would provide an Immediate Response Loan (IRL) to address the damage, but it took nearly a year for the funds to be released.
During this time, the ministry spent USD 2.477 million on projects to aid affected areas while waiting for the loan. King noted that the government spent about USD 1 million more than received to address the situation.
Prime Minister Pierre outlined that the loan would be repaid in 60 installments over five years at a 0.75% interest rate, with no commitment fee. King added that an additional USD 6-7 million in repairs is still needed due to infrastructural damage from 2022.
