Dominica signs $41M agreement with Saudi Arabia for Roseau Enhancement Project

In the presence of the Prime Minister of Dominica, Dr Roosevelt Skerrit, Dr Irving McIntyre, Dominica’s Minister of Finance, has officially signed the first loan agreement worth $41,000,000 with Sultan Al Mashad, Chief Executive Officer of the Saudi Fund for Development for the Roseau Enhancement Project. This project aims to transform the city of Roseau under the vision and passion of the Minister of Housing and Urban Development, Melissa Skerrit.

ROSEAU ENHANCEMENT PROJECT

The Roseau Enhancement Project will consist of the rehabilitation of 7 main streets. The main scope of the project includes drainage works, utility works, sidewalks, road rehabilitation, improved street lighting and street furniture.

One of the key components of this project will be transferring the overhead infrastructure and lines on the ground. All these components will not only improve the city’s resilience, but also enhance the city’s skyline for the clear view of Roseau’s rich history and heritage.

The construction of large capacity and subsurface drains would play a huge role in reducing the risk of flooding, ensuring the safety and security of all the people living and working in Roseau. The authorities aim to enhance the overall performance and appearance of the city, improving visitors experience on the completion of the project.

The Roseau Enhancement Project aims to create a dynamic commercial and residential space in order to improve the flow of traffic and pedestrian movement in and out of the city.

Along with that, the city will also have defined sidewalks, improved beautification with the creation of additional green space with a vision to reduce any physical hazards and environmental contamination.

These improvements will not only increase property values, but will also enhance the investments in the city of Roseau. The project would also result in creating several jobs and opportunities for residents and business owners. Several of the young people would also gain employment, valuable skills, and experience during the life of this project.

Prime Minister Roosevelt Skerrit

While emphasising on this project, the Prime Minister of Dominica, Dr Roosevelt Skerrit stated that it is a sign of peace, a sign of togetherness, and a sign of willing to work to help improve lives and achieve the sustainable goals that all of them are aspiring to achieve.

PM Skerrit stated that he feels a sense of optimism and gratitude and called this project a major investment in the future of the capital city and by extension, the future of Dominica. He called Roseau Enhancement Project, the key component of their vision for long term sustainable development.

He added that this initiative is not only about aesthetics, but also about creating a space where people want to leave, work, and invest in the future. The Prime Minister further stressed on the partnership and stated that it is not just financial, it is a meeting of minds, ideas, innovation, and shared values.

PM Skerrit stated that they do not only aim to transform Roseau’s Infrastructure but also to strengthen the bonds of friendship and mutual respect between Dominica and the Kingdom of Saudi Arabia.

“We will build a city that is not only modern and beautiful but also capable of meeting the challenges and existential threat posed by climate change,” noted PM Roosevelt Skerrit.

Minister of Housing and Urban Development, Melissa Poponne Skerrit

Minister Melissa Skerrit stated that these fundings by the Saudi Arabia will be the driving force behind the Roseau Enhancement Project focusing on road infrastructure. She stated that it is an ambitious initiative that aims to breathe new life into the streets and the sidewalks of the city.

“Our vision is simple yet bold, to create a city that is vibrant, modern, and reflective of the pride in our heritage,” noted Minister Melissa Skerrit.

She stated that these $41,000,000 loans come with favorable terms, i.e. a 2.5 interest rate, an 8-year grace period, and 28-year repayment period. While emphasising on this loan agreement, Minister Melissa Skerrit stated that these conditions provide them with the flexibility to embark on a transformative journey for Roseau’s urban development.

Minister Melissa Skerrit further asserted that through her Ministry of Housing and Urban Development, through robust housing initiatives, they are committed to fulfilling government’s mandate of making their country the first climate resilient nation.

She noted that with this project, the government of Saudi Arabia will help them expedite their goal of establishing the world’s first climate resilient city.

Sultan Al Mashad, Chief Executive Officer of Saudi Fund for Development

While shedding light on this project, Sultan Al Mashad, Chief Executive Officer of Saudi Fund for Development stated that it is his pleasure to announce the first project of the Saudi Fund for Development in the country.

He stated that this project will help improve roads connectivity, reduce traffic, enhance safety, enhance access to basic services and contribute to the commercial and residential development.

He also added that it would also create several job opportunities and would mark a huge growth in the tourism sector of the nation. The CEO further mentioned that this project would also act as a driver for society, economy growth, and improve the quality of life for the people of Dominica.

Sultan Al Mashad extended gratitude to the people of Dominica for their warm welcome and generous hospitality and wished for the continuous growth and prosperity of the nation.

“May this project serve as a driver for positive change and sustainable development,” noted CEO Mashad.