The World Bank has agreed to increase its contribution towards the building of the Arnos Vale Acute Referral Hospital in St Vincent.
Finance Minister Camilo Gonsalves provided the information on Thursday in Kingstown.
After meetings with officials last week in New York, Gonsalves said the bank agreed to move its contribution to $68 million dollars from the original amount of $50 million dollars.
Gonsalves said this will be brought before the bank’s board in August for final approval, after which the procurement service will be completed, allowing construction to begin in the first quarter of 2023.
“One of the concerns bank officials have is how the management of the hospital will be handled. A team will return to the state soon to fine-tune the management order”.
The bank has also agreed to help with financing for repairs to Fort Charlotte to make it more marketable and attractive to visitors, Gonsalves said.
“We have also secured $3.65 million for coastal protection. This unit would be set up specifically for the coast and waterways.”.
Additionally, Gonsalves reported that he talked with bank officials about the issue of de-risking and catastrophic bonds.
