Summary

In December 1997, the Board of Directors of CDB approved a loan to GOSKN of an amount not exceeding the equivalent of 7.026 million (mn) United States dollars (USD), which was funded by a mix of funds from CDB’s Special Funds Resources and Ordinary Capital Resources (OCR), to assist in financing the reconstruction of approximately 17 kilometres (km) of the Island Main Road (IMR) and institutional strengthening of the Public Works Department (PWD) of the Ministry of Communications, Works, Public Utilities and Posts (MCWPUP)1 to carry out effective road and bridge maintenance in the island of Nevis. In July 2001, the Board of Directors of CDB approved an additional loan to GOSKN of an amount not exceeding the equivalent of USD3.75 mn from CDB’s OCR to address funding constraints arising from tender prices received, which were higher than the estimates at appraisal.