One year and nine months after the completion of Wallblake Airport Expansion Project, the Financing Agreement, which paves the way for European Union assistance to Anguilla’s Medium Term Air Transport Sector Plan, covering the period 2004 to 2008, was officially signed by the Territorial Authorizing Officer for Anguilla and Permanent Secretary, FEDICT Dr Aidan Harrigan.

Honourable Victor Banks (left, 1st photo) and delgeation in Greenland

This is a process that started in 2003 when the Single Programming Document was drafted and submitted to the European Commission. This now clears the way for the release of 3.5 million Euros as Budgetary Support for Anguilla. This is the first tranche of an allocation of 8.0 million Euros for Anguilla earmarked for the Air Transport Sector. A further 1.0 million euros from in unutilized funds from the EDF 8 programme is also available to Anguilla.

Over EC$50 million was estimated to have been spent on the Wallblake Airport Expansion Project. Out of this amount EC$40.5 million was borrowed from Scotiabank for the project. The funds received from the European Union will be used to repay the short term loan of $27 million due to be fully repaid in 2008.

Honourable Victor Banks (left, 1st photo) and delgeation in Greenland

On hand to witness and receive the signed copy of the Financing Agreement was the Honourable Victor Banks, MFEDICT. Also at the signing ceremony were the Deputy Territorial Authorizing Officer and Permanent Secretary Finance Mr Carl Harrigan and the Comptroller of Customs Mr Kenrick Richardson. Financing Agreements for two other OCT’s were also signed, namely Montserrat and the TCI. These countries including Anguilla are to be the first Caribbean OCTs to receive grant assistance under the 9th EDF under the new Budgetary Support modality.

The meeting in Greenland is an annual one. The venue for the meetings rotates between Brussels and one of the Overseas Countries and Territories (OCT’s). The last meeting was held in Brussels in December 2005. These meetings evaluate progress of the EDF programmes for the overseas territories and to discuss new aid arrangements with the EU.

For the 9th EDF that comes to an end next year, over 250 million Euros were made available to the OCT’s. There are some 21 OCTs associated the UK, France, the Netherlands, and Greenland located in the Caribbean, the Pacific, the Indian Ocean, the North Atlantic and the South Atlantic. Anguilla’s share under the 9th EDF is 8 million euros plus an additional 1 million Euros in underutilized funds from previous EDF allocations. It is likely that over 280 million Euros will become available to the OCT’s in the next EDF – EDF 10 - that commences in 2008. It is expected that Anguilla will benefit from grant funds to be provided from the European Community under EDF 10 and that these will be devoted to seaport development in the form of the development of modern container port at Coritot to meet the needs of Anguilla to the year 2020 and beyond.

- Press Release

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