The Caribbean Development Bank (CDB) is making the assessment of whether the Recovery and Development Agency (RDA) is capable of managing funds from US$65mln loan given to the BVI for reconstruction and rehabilitation purposes. During CDB’s annual media conference last week, director of projects at the bank Daniel Best said that they are waiting a report that should follow recent evaluation of the RDA.
At the moment, the Ministry of Finance of the British Virgin Islands is in conduct of money from the loan. It is suggested that the bank would give permit to central government to take control over the loan until the end of assessment. Also, the director said that they as a development institution need to ensure that the RDA is competent and capable of implementing the projects once the arrangement is sorted out.