Finance Minister Shifts $18 Million to Infrastructure Projects

By Dana Malcolm 

Staff Writer 

#TurksandCaicos, March 6, 2023 – The TCI Government is going to try to spend $18 million in the next few weeks after tabling a third Budget Supplementary, which meant a re-organization of already approved funds for this budget year.  E Jay Saunders, Deputy Premier and Minister of Finance, Investment & Trade on February 28th, tabled the 3rd Supplementary Appropriations Bill, re-organizing unspent funds within this budget cycle which wraps up March 31.

Upgrades in housing, roads, and a National credit union are being tackled with an 18 million dollar price tag in the final weeks of this budget year

The $18 million dollars was reallocated from the SIPT programs ($1.5 million) the Contingency Fund ($3.3 million), Land Acquisition ($1.5 million). A whopping $8 million in Development Projects went unspent and those projects will have to be deferred, that cash also went into the $18 million.

That cash will be spent on:

• The procurement of an information system for the exchange of economic substance reports ($2 million)
• Investment in improving roads and electrification across the country ($5 million)
• Affordable Housing Initiative ($3 million)
• Seed funding for a Citizens Empowerment Fund to establish a National Credit Union ($7 million)

Saunders specifically mentioned the credit union and how important it was that residents be able to take advantage of an institution that was member focused rather than profit focused. Funded by the $7 million allocation it will be available for TC Islanders and BOTC citizens.