WASHINGTON – St Lucia, Grenada and St Vincent and the Grenadines will benefit from better connectivity, better infrastructure, and improved tourism market development as a result of a US$26 million regional project approved by the Board of Directors of the World Bank.
The agreement for the new World Bank Tourism Competitiveness Project was signed here on Thursday by St. Lucia’s Prime Minister Allen Chastanet .
Tourism is the lead economic sector in the Organization of the Eastern Caribbean States (OECS), however, the region accounts for less than 0.2 per cent of world tourism arrivals and receives less revenues than the rest of the Caribbean.
World Bank Country Director for the Caribbean Tahseen Sayed says there is a tremendous potential to develop regional tourism in the Eastern Caribbean and the collaboration among the governments of Grenada, St Lucia and Saint Vincent and the Grenadines is highly promising.
“This is an opportunity to develop the tourism industry, generate new jobs particularly for women and young people, and attract private sector investments.”
According a World Bank statement, among concrete results to be achieved by the OECS tourism competitiveness project are, Improved movement of people by piloting a ferry system, Rehabilitation of Fort George in Grenada and Fort Charlotte in St Vincent and the Grenadines; and the redevelopment of downtown Castries in Saint Lucia.
It will also finance the launch of a tourism market development and promotion in the three countries.
This project is financed by a US$20 million credit from the International Development Association (IDA) with a final maturity of 40 years and a 10-year grace period.
It will also include a US$6 million loan from the International Bank for Reconstruction and Development (IBRD) with a final maturity of 30 years and a 9.5-year grace period. (CMC)