GOSL Secures 6 Million USD from African Export-Import Bank

THE Government of Saint Lucia has secured a USD six million loan from the African Export-import Bank (Afreximbank).

This loan will be 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 16 schools out of 21 schools that were damaged by Tropical Storm Bret.

According to a government release, 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.

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