CDF approves second loan for Argyle international airport

The CARICOM Development Fund (CDF) has approved this country’s application for an additional EC$8.8 million loan for the international airport at Argyle.{{more}}

Prime minister Dr Ralph Gonsalves made the announcement in Parliament Thursday.

He also said an executive at a Trinidadian state-owned firm has proposed that Port-of-Spain donates asphalt for paving the runway.

The loan is the second tranche of moneys this country has received, after being among the first in the region to sign a Country Assistance Programme (CAP) with the CDF.

The government received EC$11.28 million from the CDF last year to finance aspects of the construction of the international airport project.

The CDF was established under Article 158 of the Revised Treaty of Chaguaramas to provide financial or technical assistance to disadvantaged countries.

Speaking in Parliament on Thursday, Prime Minister Dr Ralph Gonsalves said Chief Executive Officer of the CDF Ambassador Lorne McDonnough had written to him indicating that the loan had been approved.

The prime minister said that in his letter McDonnough indicated that the approval of the loan was in support of the national development objectives of the government, as well as in keeping with the CDF’s mandate to reduce disparities among CARICOM member states.

“The resources are to be applied to the procurement of equipment for paving works, laboratory testing as set out in the request letter from the International Airport Development Company on July 3,” Gonsalves said.

The CDF was in the process of finalising the loan agreement, expected to be submitted for the government’s approval and then arrangements for signing will have to be confirmed. (DD)