Providenciales, 10 Nov 2015 – Turks and Caicos has made an outstanding financial comeback which was last week hailed as such by the Caribbean Development Bank, but the consultant in a country strategy policy warns that the TCI is still vulnerable due to infrastructural deficits.
Dr. Justin Ram, CDB: “Make infrastructure in TCI climate proof. Because I think that is also an important area that you must recognize here in TCI is that while things might look good, very, very quickly a natural disaster could actually put the country back a number of years.”
Dr. Justin Ram is the Director of Economics for the CDB and said the up to $100 million dollars which the TCI is eligible to borrow will come at an interest rate of 2% and will be for a diversity of works. Finance Minister Washington Misick said the technical assistance the CDB offers in this process is what makes them the better bank from which to borrow.
Hon. Washington Misick, Finance Minister: “With TCI credit rating at the moment we could be borrowing from almost any institution in the region, or for that matter or the world… we don’t want to understate the benefit (of the CDB) over and above that we would have gotten from another institution in terms of the support; because the regular bank would lend you money and then just stand back and collect their payments…”