- Saint Lucia Government Secures USD 6 million from the African Export – Import Bank for Tropical Storm Bret Recovery in the Education Sector.
In a demonstration of unwavering commitment to Saint Lucia’s progress, Prime Minister Hon. Philip J. Pierre announced a landmark achievement: the successful acquisition of a USD 6,000,000 million loan from the African Export-Import Bank (Afreximbank).
This much-needed financial infusion is dedicated to the reconstruction of schools damaged by Tropical Storm Bret on June 22, 2023. Following this catastrophe, Saint Lucia experienced island-wide damage with the greatest impact occurring in the south of the island. Twenty-one schools and facilities were reportedly damaged.
In December 2022, the Board of Directors of Afreximbank approved USD 1.5 billion in funding for CARICOM Member States. This agreement allows Saint Lucia to tap into the bank’s financial instruments, facilitating the USD 6 million loan.
This USD 6 million allocation is specifically earmarked for the reconstruction of damaged infrastructure under an Education Rehabilitation Climate-Linked Facility, specifically the reconstruction of sixteen schools out of twenty – one schools that were damaged by Tropical Storm Bret.
This unique initiative underscores not only the government’s dedication to swift and effective action in the face of challenges but also signifies the desire to build transnational alliances, particularly with countries in the South. It reflects a vision that goes beyond financial transactions, emphasizing the importance of collaboration for the greater good.
