ACB Approves $100 Million Loan for Antigua and Barbuda’s Roadworks Project
Antigua and Barbuda’s multi-million-dollar road rehabilitation programme has cleared a major hurdle, with the Antigua Commercial Bank (ACB) granting formal approval for a EC$100 million loan to finance the project.
Prime Minister Gaston Browne confirmed the approval over the weekend, noting that final documentation should be completed in the coming weeks.
“We got the formal approval from Antigua Commercial Bank last Thursday, so that loan is now approved and they will be completing a documentation, hopefully within a week or two,” Browne said.
The loan is designed to give the government the financial muscle to tackle widespread road repairs and upgrades across the country. To ensure repayment, a dedicated road fund has been established, with revenues generated from higher vehicle licensing fees being channeled directly toward servicing the loan.
In recent weeks, residents have already begun to see improvements in road quality, with several arteries resurfaced and upgraded as part of the ongoing works. The government has billed the initiative as critical to improving national connectivity, easing travel, and supporting economic growth.
Officials say the scale of the project makes it one of the largest infrastructure investments in recent years, with the potential to transform road safety and reliability for motorists across the twin-island nation.
EC$100 million is a lot, but our roads are in desperate need. Safety for drivers is the priority.
This is exactly the type of infrastructure project that boosts the economy. Roads matter more than people think.
ALL I REALLY WANT TO KNOW IS:
WHO is/are the contractor(s)?
Was this Project ever put to tender?
Which roads will receive renovation and when?
Wait!!!!! With all the road works going on all over the place I thought we had gotten the money already.
Well that’s good to see we were not fully dependent on it then
This is awesome news. No more broken axles( or necks for that matter) from dropping into craters…I mean potholes. Please be sure to pay that loan back as promised using the additional vehicles fee. Progress looks good on Antigua.
What are the terms and conditions of this loan PM?
Did you take a 5 year moratorium on this loan as well?
If you’re now getting these funds, where did the money come from to be doing all this road infrastructure that you started? Certainly not from a treasury!
While improved roads are badly needed, it’s important that the government ensures transparency and proper oversight in how these funds are spent. Too often, big loans are taken but projects suffer from delays, cost overruns, or poor workmanship
After everything gaston said about Acb they still giving loans to the government? Yall have plenty money otr mo shame? Which it it?
Loans are one thing, but what about proper oversight? Who’s monitoring the spending?
Borrowing such a large sum should make citizens think carefully about debt sustainability. Road rehabilitation is essential, but repayment terms must not become a burden on taxpayers or limit future social spending.