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rime Minister Gaston Browne has confirmed that Antigua and Barbuda’s $100 million road enhancement initiative will be funded through a bond arrangement with the Eastern Caribbean Amalgamated Bank (ECAB) and Antigua Commercial Bank (ACB).
Amid public pressure to disclose the project’s financing, Browne assured that the funds will support the construction of climate-resilient concrete roads, replacing traditional asphalt, which he said deteriorates quickly due to extreme weather.
The government has already invested in its own concrete production and expects the arrival of a pug mill to mechanize the mixing process for roller-compacted roads.
Strict oversight measures will be in place, with bank engineers monitoring contractors’ work. To help manage the bond, the Antigua & Barbuda government initially proposed a 40% increase in vehicle licensing fees but may adjust this after public consultations.
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This $100M project could be transformative, but it’s only worth it if the government enforces strict oversight to avoid corruption.
I think effective oversight will be the key to ensuring it benefits the community and stays on track.
I hope the oversight isn’t just about meeting targets—it should focus on the quality of the final result.
It’s reassuring to know there will be checks and balances in place. Hopefully, this leads to quality roads and timely completion.
I hope it’s more than just a formality. Let’s see real accountability throughout the project.
With such a large budget, oversight is needed. Let’s make sure the funds are used efficiently and the work is done right.
They better give regular updates for this situation.. I hope to see an improvement.
How did the figure 100 million come about? Who is the engineer whi did the work and came up with the figure? That’s why I say the opposition leader needs to go. Leadership matters. Had it not been Richard Lewis the opposition leader would just sit by and let HIS government drive it down our throat. Pringle do the country this favor. STEP ASIDE!!!!!!!!!
Ratta a guard cheese.
Why don’t the two bank come together and offer the Bond as an investment vehicle available to their customers. They are both so liquid. They have customers with large savings and they are only offering them 1.5%. Antiguans and Barbudans deserves a higher interest rate on their savings. It doesn’t even make up for the lost of inflation which is at 5% per annum.
Oversight now, after loan after loan; grant after grant have already went into these road and rehabilitation projects over the past ten years with little to no OVERSIGHT and or accountability.
How about a forensic audit of those past loans and grants which were handled by the Ministries and departments responsible for handling the finances of these projects before we move to this FAKE OVERSIGHT territories.
It’s just more bureaucracy to cover the asses of those at the helm and have other take their punishments.
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