The Government of Dominica has finalised a loan agreement with the Saudi Fund for Development (SFD) to advance the Roseau Enhancement Project.
The agreement was signed by the Minister for Finance, Economic Development, Climate Resilience, and Social Security, Dr. Irving McIntyre, and the CEO of the SFD, H.E. Sultan Al-Marshad at the Douglas-Charles Airport on Saturday, September 14, 2024. Prime Minister Roosevelt Skerrit, Minister for Housing and Urban Development Melissa Skerrit, and other government officials were also present at the event.
Earlier, Parliament had approved a US$41 million (EC$111 million) loan at a 2.5% interest rate, to be repaid over 28 years with a grace period of eight years. The signing ceremony symbolised the formal start of the transformative Roseau Enhancement Project.
The project aims to rehabilitate seven key streets in Roseau, promoting commercial and residential growth, improving connectivity, reducing congestion, and enhancing safety. The upgrades are also expected to boost tourism and create new job opportunities.
Independence Street, Bath Road, Cork Street, Great George Street, Virgin Lane, River Street, and King George Street are set for significant upgrades.
Hon. Melissa Poponne-Skerrit, the Minister for Housing and Urban Development, emphasized the vision for transforming Roseau into a vibrant, modern city.
“The Roseau Road Infrastructure Project is not just about improving our streets; it is about creating a city that attracts investment, boosts tourism, and elevates the standard of living for all our citizens,” she remarked.
Prime Minister Skerrit highlighted the project’s long-term benefits, stating it represents a substantial investment in Roseau’s future. “Our efforts in the capital will stimulate local businesses and open doors for new enterprises, creating more jobs and opportunities for everyone. Equally important is the chance to enhance the quality of life for our residents.
Improvements to streets, sidewalks, and public spaces will make daily activities safer and more convenient.
This initiative is not only about aesthetics but about creating a space where people want to live, work, and invest in the future,” he said. The Government of Dominica welcomed the partnership with the Saudi Fund for Development, viewing it as a step towards strengthening ties with Saudi Arabia.
Finance Minister Dr. Irving McIntyre expressed gratitude, stating, “The activities, to be
supported by the Saudi Fund for Development, are an initial but critical step in addressing the problems, issues and opportunities within the city of Roseau. On behalf of the Commonwealth of Dominica and on my own behalf, I extend my sincerest gratitude to the Saudi Fund for Development, His Majesty the King, and His Royal Highness the Crown Prince for this opportunity.”