Comments, Prime Minister Hubert A. Ingraham At The Loan Signing Ceremony IDB Air Transport Reform Programme And Water Supply And Sanitation System Upgrade
Colleague Ministers,
Mr. Roberto Vellutini,
Vice President of Countries
Mr. Gerard Johnson,
General Manager for the Caribbean Countries,
Ms. Astrid Wynter,
IDB’s Country Representative,
Senior Public Officers
Senior Management
Water and Sewerage Corporation (WSC),
Good Afternoon.
Mr. Vellutini, I extend a very warm welcome to The Bahamas.
Today, The Bahamas Government will sign (i) a guarantee for a loan to the Water and Sewerage Corporation, and (ii) a loan to the Government to upgrade and reform aviation in The Bahamas. Both arrangements are in keeping with the Government’s objective to modernize and reform our nation for the benefit of the people.
The objective of the $81 million loan to the Water and Sewerage Corporation which the Government will guarantee is to:
- Reduce water loses
- Upgrade and Rehabilitate selected sewerage infrastructure, and
- Strengthen the Water and Sewerage Corporation’s ability to provide more efficient and effective service to the public.
The majority of the $81 million loan to the Water & Sewerage Corporation will be directed at reducing Non-Revenue Water ($49 million); rehabilitating Sewer Plants Infrastructure and designing a master plan for Waste Water Treatment ($15.5 million), and $5.5 million will be allotted for Institutional Strengthening of WSC to improve staff productivity and customer service.
The $50 million Air Transport Programme loan to the Government will be used to purchase a new radar system for the Lynden Pindling International Airport, general* development at the Leonard Thompson Airport in Marsh Harbour, Abaco and at the Exuma International Airport and to reform the aviation sector.
I express the thanks and appreciation of The Bahamas Government to the Inter-American Development Bank for its continued assistance to us as we seek to meet the economic and social needs of our nation.
The Bahamas continues to value its relationship with the IDB, both in terms of access to capital and technical expertise. I note that the IDB is a Triple A rated financial institution with rigorous prudential standards for loan approval.
The Bahamas is delighted that its fiscal and economic circumstances continue to enjoy the confidence of the Bank to extend the loan facilities we are concluding today. We will continue to so manage our affairs as to enjoy the confidence of such a Triple A rated world class financial institution.
