British Virgin Islands gets cruise pier loan

2014-07-08 10:18
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Tortola — Officials in the British Virgin Islands say they have secured a $35 million (R375m at R10.75/dollar) loan for a cruise ship pier expansion project that is expected to bring larger ships and more visitors to the territory.

The government announced the loan agreement Monday with First Caribbean International Bank for undisclosed terms.

Ports Authority Managing Director Claude Skelton-Cline said construction should be underway in August.

The $52 million (R558m) project is scheduled to be completed by next summer. In addition to a larger cruise ship pier, the project includes retail and other development on five acres.

The British Virgin Islands brought in about 340 000 cruise ship passengers last year, down from 571 000 in 2008 in a decline officials said was caused by an inability to accommodate larger ships.

Read more on:    travel  |  travel international

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