Wednesday, July 21, 2010

US$20 million loan from ALBA

ALBA provides multi-million dollar loan to St Vincent
By admin on 7/21/10 • Categorized as Economy

KINGSTOWN, St Vincent, CMC – Prime Minister Dr. Ralph Gonsalves has returned from a one-day visit to Venezuela and said that the island will receive a US$20 million loan from the Bolivarian Alliance for the Americas (ALBA).

Gonsalves said that the funds are in addition to an earlier loan of US$20 million given by ALBA bank earlier this year.

He told reporters that St. Vincent and the Grenadines’ membership in ALBA is in keeping with his administration’s foreign policy that focuses on “concentric circles”, placing the island within the Organisation of Eastern Caribbean States (OECS), the Caribbean Community (CARICOM) and ALBA.

Gonsalves said that Cuba and Venezuela were the island’s main trading partners in ALBA and that a trade mission from Caracas would visit here on August 9.

“St. Vincent and the Grenadines wants to send commodities in which they (Venezuelan businesses) are interested and some agro products,” Gonsalves said.

He said it was also likely that the mission would be interested in purchasing bananas and as a result a meeting had been held with Renwick Rose, the Chief Coordinator of the Windward Islands Farmers Association (WINFA).

He said the Venezuelan delegation would also be taken on a tour of the Argyle International Airport, now under construction. Venezuela is among the major donors to the project.