Premier and Minister of Finance Dr. the Honourable Natalio Wheatley has expressed confidence that his government is on the verge of securing a loan of approximately $100 million to address the Virgin Islands’ infrastructure needs.

Premier Wheatley made this announcement during a press conference last Friday in response to questions from a local journalist.

The journalist questioned why banks would lend such a substantial amount to the Virgin Islands Government, given its history of poorly executing infrastructural projects, specifically citing the stalled road rehabilitation project in front of the Government House.

Premier Wheatley assured residents that the issues with the current project would soon be resolved and that the anticipated loan would address similar infrastructural issues across the British Virgin Islands.

Premier Wheatley first announced his intention to borrow upwards of $100 million in November 2023. This announcement followed news that the United Kingdom’s loan guarantee of $426 million was no longer available to the BVI Government, raising concerns among residents about how the territory would finance its rehabilitation efforts.

During the November announcement, Dr. Wheatley mentioned that discussions were ongoing with UK officials to secure the best terms and conditions for borrowing. His latest statement suggests that these negotiations may be nearing completion.