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The CARICOM Development Fund (CDF) will be injecting approximately EC$14 million into the Argyle International Airport.
On Thursday, September 30, the CDF announced that its Board of Directors has approved a Country Assistance Programme (CAP) to the Government of St.Vincent and the Grenadines for US $4,210,000 to be used by the Argyle International Airport Development Company (IADC).
The provision will be divided into a grant of US$1,640,000 and a concessional loan of US$2,570,000.
In announcing the Board’s decision, the Chief Executive Officer, Ambassador Lorne McDonnough, noted that the funds approved will allow for the acquisition of equipment to facilitate the runway paving works, which will commence in the first quarter of 2011.
The CDF, he said, will also provide US$1,000,000 for the supply and installation of runway lights and emergency generators.
The new Argyle Airport will provide St.Vincent & the Grenadines with direct regional and international jet air access to CARICOM, North America and Europe.
This development, McDonnough said, will reduce a disparity which places the people of St. Vincent and the Grenadines at a disadvantage within CARICOM and could constrain their economic development and their ability to participate effectively in the CARICOM Single Market and Economy (CSME).(SEARCHLIGHT)