Prime Minister and Minister of Finance, Dr. Ralph Gonsalves today signed on behalf of the Government of St. Vincent and the Grenadines, two loan agreements with Ms. Tahseen Sayeed, the World Bank’s Country Director for the Caribbean.

Both agreements were approved by the World Bank’s Board of Executive Directors in May, 2017. Both loans provide financial resources from the Bank to address critical constraints in human development and in the agriculture sector.

The first loan is a human Development Service Delivery Project in an amount of US$10.7 million, to be financed fully by an IDA Credit to the government.

The project will be implemented over a five year period commencing 2017 and is expected to commence in earnest by August 2017, following the recruitment of key project staff (including Project Coordinator, TVET Programme Manager, and the establishment of the project steering committee).

This project is designed to strengthen the quality of service delivery in education, improve the efficiency of social protection systems, and improve the effectiveness of labour market systems in St. Vincent and the Grenadines.

The second loan Agreement is the OECS Agriculture Competitiveness Project which will be implemented in St. Vincent and the Grenadines and Grenada.

The total cost of the St. Vincent and the Grenadines’ project is US$4.30 million and the overall objective of the project is to enhance access to markets and sales for competitively selected farmers and fisher-folk, as well as their allied aggregators and agro-processors.

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