Port Development Project not Impacted by Decline in Pound Sterling

Minister with responsibility for Works, Dr the Honourable Samuel Joseph is adamant that the current declining state of the pound sterling will not have any impact on the contractual amount for the construction of the Port Development Project.

The Montserrat Port Development Project is funded to the tune of 35.3 million pounds.

But Minister Joseph told parliament on Tuesday that the contractual amount was signed in Eastern Caribbean dollars.

Minister for Works, Dr, the Honourable Samuel Joseph

The funding for the Port Development Project comprises grant contribution from the UK Caribbean Investment Fund (UKCIF) in the amount of 28.3 pounds sterling, and the European Union Development Fund (EDF11) 7-million pounds.