POND ISLAND–Government plans to launch a US $35-million Enterprise Recovery Project to aid Hurricane Irma-impacted micro, small and medium enterprises access financial packages for asset replacement and working capital, through local financial institutions. The four-year project is estimated to reach 300 enterprises in the first year and some 600 in the final year.
Prime Minister Leona Romeo-Marlin said in her New Year’s address the project will provide, subject to a business plan that is acceptable to a financial institution, financial packages for micro, small and medium enterprises in the form of a combination of grants and loans. The total number of assisted enterprises is projected to reach 300 in the first year and close to 600 in the fourth year.
The project is set to be funded via the Dutch government-financed World Bank- administered Recovery Trust Fund.
A large percentage of businesses are unable to get financing from commercial banks as they have collateral requirements they cannot meet after the devastating 2017 hurricanes.
One of the first priorities for government will be to get the 2019 Budget passed by Parliament “as quickly as possible in order to facilitate all the plans that have been envisioned,” said the prime minister in the same address to the country.
With an approved budget, government can execute “key priorities as set out in the governing programme – ‘Building a sustainable Sint Maarten,’” the prime minister said.
Among those key priorities is the establishment of a Disaster Fund. A target figure of NAf. 1.2 million guilders is earmarked to start the fund. “By setting aside this amount, government will secure another financial option for recovery following any disaster to handle its obligations without disrupting the regular operations,” the prime minister said.
The Solid Waste Management and Environmental Improvement Project, estimated at US $35 million, is also on government’s agenda. It aims to improve long-term waste management and environmental protection and will be informed by a forthcoming study on long-term solutions to sustainable solid waste.
The broader objective of this solid waste project will be to implement key elements of the government’s long-term waste strategy and its Roadmap for Sustainable Waste Management, said the PM.
Securing financing for the reconstruction of Princess Juliana International Airport terminal continues to be “of utmost importance” for government. The Council of Ministers intends to consider all options to ensure the best financing agreement is selected in the interest of the country, she said.
“We intend to see the finalization of an Integrity Chamber for St. Maarten and to show our maturity as leaders taking our country into a future where everyone prospers,” said the prime minister.
With the goal of modernizing its information technology (IT) system, government intends in this new year to implement new technology and strengthen the government apparatus. An e-Government Project to help improve the overall experience of accessing government services has been approved by the Council of Minister.
Across the border, the prime minister said government will continue to work with the French-side government on mutually beneficial projects such as disaster management and seeking funds to target cross-border issues.
“High on the agenda will be the establishment of the United Congress, an initiative of my counterpart [French-side] President Daniel Gibbs,” said the prime minister.
Within the Dutch Kingdom, St. Maarten will continue to work with all partners to ensure “we are treated equally and fairly.”
In early 2019, a meeting of the Dutch Caribbean countries is scheduled in Aruba to formalize areas of cooperation and to pen mutually-beneficial agreements on topics such as disaster management, establishing the roles of each country and what can be expected in a time of crisis, said the prime minister.
Source: The Daily Herald https://www.thedailyherald.sx/islands/84120-government-plans-us-35m-enterprise-recovery-project
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