The Anguilla Development Board (ADB) is to borrow five million Eastern Caribbean dollars from the Caribbean Development Bank (CDB) for on-lending to Anguillians to finance various private-sector projects as well as educational opportunities. A Motion to this effect is to be introduced in the island’s House of Assembly for ratification by Minister of Finance, Victor Banks on Tuesday, February 21.

Manager of ADB, Mrs. Althea Hodge

The Executive Council has given its approval for the Minister of Finance, acting on behalf of the Government of Anguilla, to guarantee the repayment of the money by the ADB. It is a further requirement for the Anguilla House of Assembly to give prior approval of the borrowing, by way of a Resolution which is now being sought.

According to the Motion, the CDB loan is to finance projects in the categories of Agriculture, Industry and Commerce, Medium and Small Enterprises, Mortage Finance and Student Loans.

The above are the usual categories of loans made available by the ADB from its revolving fund financed occasionally by the Caribbean Development.

Manager of the ADB, Althea Hodge, commented: “With the provision of the additional funding for on-lending, ADB will be better positioned to meet its mandate of providing financial and technical assistance. ADB has been and endeavours to continue being a significant partner in national prosperity by providing continued development of the human resource capacity of the island as well as contributing to the physical and social development of our island.”

Meanwhile, during next Tuesday’s House of Assembly sitting, other business will be the first and second readings of five pieces of draft legislation. They are the Aliens Land Holding Regulation (Amendment) Bill, 2006, the Villa Rental Business Regulation Bill, 2006; the Insurance (Amendment) Bill, 2006, the Motor Vehicles Insurance (Third Party Risks) (Amendment) Bill, 2006 and the Electronic Transactions Bill, 2005.

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