The RBC Loan Funding Capital Expenditure Bill has had its first reading in the House of Assembly today and was wholeheartedly supported by the Deputy Premier, Hon Akierra Missick.
Hon Missick said the monies, which are put at up to $15M will be used for the PNP Administration’s identified social projects.
There were no specific projects presented by the DP though, and that is what presented the problem to the other side. Former Chief Minister, Hon Derek Taylor said things are often not what they appear to be and explained to the House Speaker, Hon Robert Hall that he is baffled by the under performance of the Government in the area of capital works.
Taylor said he wants to know exactly what the RBC Loan Funding will be used for, adding that he believes the government is playing with the minds of the people. Hon Taylor said the Finance Minister failed when he failed to bring the projects that the $15 million will be used to fund.
The all Island elected member shared that his side needs to know for certain that the country is not getting in over its head in taking on this new loan from RBC, Royal Bank.
Support came though from the Governor’s male appointed member; Hon John Phillips who said he agreed with the Budget and voted to pass it with this RBC $15M loan in mind.
Hon Phillips called it an attractive agreement with repayment in full at anytime without penalty and that he hoped the borrowing rate, which is set at 1.2% is lower than the savings rate being earned on money stowed away on the coming Sovereign Wealth Fund (SWF).
If the SWF has a higher rate, then it will mean more money long term for TCIG.