POINTE XPRESS: Antigua and Barbuda will not pursue any loan arrangements with the African
Export-Import Bank as its interest rates are ‘too high’.
The disclosure was made in parliament on Monday by Prime Minister Gaston
Browne, who said the government took the decision as it was in the best interest of
the people of Antigua and Barbuda.
“One of the things about this administration is that we are very nimble; almost
invariably we are ‘first-movers’ within the Caribbean on practically every issue.
When the African Ex-Im Bank engaged the Caribbean about two years ago-, we
signed on to explore the possibility of doing business with them,” he reported.
However, PM Browne relayed that during the negotiations the government
discovered that what the bank called ‘concessionary rates’ were not what it
considered to be concessionary.
“We commenced negotiations with the African Ex-Im Bank to secure a loan of
US$100 million on behalf of the Antigua and Barbuda Airport Authority to do
major upgrades at expansion at the VC Bird International Airport.
During the
negotiations, the terms they offered us were; a concessional interest rate of 12
percent and a 4 percent negotiations fee. I am told that companies such as Air
Peace borrow at up to 25 percent interest rate.
However, I must tell you that the
African Ex-Im Bank interest rate model does not work for us.
Therefore we had to decline going any further in the discussion,” PM Browne emphasized.
He also revealed that the government has turned to a consortium involving
Oppenheimer (Investment bankers) and FCIB to do the loan and that negotiations
are nearing conclusion.
The interest rate will not exceed eight percent with the
negotiations fees at about two percent.
“This is how responsible we have been as a government. We also shop for ‘best
value’ for the people of Antigua and Barbuda,” he stated.
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The Gaston Browne’s govt is a caring
govt. They always look out for the people’s interest!!
That’s great vision; similar to what was negotiated with YIDA in our interest.
BS
This doesn’t make any sense. What’s the real reason?
I absolutely agree that those rates are FAR FROM CONCESSIONARY!
Our local commercial banks rates are quite high, but even so they’re not as high as those quoted here!
Really and truly however, my concern is with this business of “loan seeking” for “upgrades and expansion” to the V. C. Bird International Airport!
Is it SUCH A PRIORITY for government (ABAA yes, but government will have to provide it’s guarantee – so essentially it’s government borrowing) to UNDERTAKE THIS UPGRADE AND EXPANSION PROJECT to our RELATIVELY NEW AIRPORT?
OR
IS IT MORE PRESSING TO ORGANIZE FOR APUA (another statutory body that the government must provide guarantee for its loans) TO GET A LOAN TO UNDERTAKE THE LONG-TOUTED, LONG-OVERDUE, REVAMPING/UPGRADING OF OUR COLONIAL-ERA WATER PIPELINES, WHICH SO FREQUENTLY SUFFERS FROM RUPTURES? And these old pipes are also the CAUSE OF THE RUSTY WATER some of us constantly get BUT STILL HAVE TO PAY APUA FOR!
How do people drive motor vehicles smaller than trucks, on that back road from Crabbs to Sir George Walter Highway, I really don’t understand. APUA WATER DIVISION constantly digs up, AND SEEMINGLY NEVER REPAIRS, some part along that stretch of road – seems like an almost daily occurrence of digging up! And as soon as someone has pity and patches the months-long or sometimes nearly year-long UNFIXED AREAS, here comes APUA WATER DIVISION to dig up again, sometimes the same area or right next to it. It’s almost as if they are saying, “Mek ee tap so, no fix um”!
For how long now, I have been hearing about getting these pipes changed (and hopefully they’ll see wisdom to have them relocated from UNDER the roads to ALONGSIDE them as much as possible), from galvanized or metal pipes to PVC or whatever the material is which is more flexible, so that simple things like vibrations of road repair machinery, or those large heavy duty vehicles, don’t cause damage to the pipes underground.
APUA, along with SUCCESSIVE GOVERNMENT Administrations, had been singing this same song for more than 25 years!!! UP TO NOW, DIDDLY SQUAT HAS BEEN DONE!!
R-O plants all up de wazzoo, left, right and centre, and still can’t get water issues under control!! GIVE ME A D**N BREAK!
Water from the R-O plants still need PROPER PIPES to run through TO GET TO CONSUMERS – AND PEOPLE DESERVE WATER THAT IS CLEAR – NOT RUSTY!!
Robin, Melford, Gaston, people are beyond frustrated with the LACK OF WATER ISSUE, because even when R-O plants are ALL fully functional, we are PLAGUED with BROKEN WATER MAINS!
I wonder if these CONSTANT REPAIR COSTS have NOT EXCEEDED the INITIAL (if not the current) REPLACEMENT COSTS by NOW!
People are NOT IDIOTS, neither do we need PANDERING TO!
NO ADMINISTRATION made SOLVING THE WATER PROBLEM a top PRIORITY – NOT ONE OF THEM!!
Not ALP!!
Not UPP!!
Not ABLP!!
I SAID WHAT I SAID – BITE ME!!
So all those hosting radio shows, and pappyshows, and all kinda shows, just SHUT THE H**L UP!
I SAID WHAT I SAID!!
TEK UM ON AND CLIMB GRASS!!
Done wid all de talk! Put areyou money way areyou mout dey!
PRIORITIZE SOLVING THE WATER PROBLEM!!
It is NOT A POLITICAL THING!!
It’s NOT about a MANIFESTO PROMISE!!
Droughts are one of the real-world problems GLOBALLY.
But it still doesn’t change the fact that PEOPLE NEED READY ACCESS TO CLEAN, POTABLE WATER!!
APUA, make that slogan more than just words on paper: WATER, IS REALLY “NECESSARY FOR LIFE”!!