PHILIPSBURG--The renovation of various sports facilities, expansion and reconstruction of John Larmonie Center and Philipsburg Cultural and Community Center and the completion of Prins Willem Alexander School (PWAS) for special education are among the projects that can be executed, thanks to the bond that the Central Bank of Curaçao and St. Maarten (CBCS) will be issuing on behalf of St. Maarten.
The NAf. 60,854,000 bond will also make it possible to hard-surface various dirt and main roads, complete the Dutch Quarter road development programme and expand the sewage network co-financed by the Trust Fund and the Netherlands, and will facilitate improved software and hardware for various departments within government.
The Ministry of Finance said in a press release that the ministry has been working diligently to execute this critical step by providing a transparent explanation of the various local investments, the future impact on budgets, and the underlying value of the investments being made. “These funds will now empower St. Maarten to undertake essential initiatives,” it was stated in a press release.
The ministry said the bond will mark the first such infusion into St. Maarten's infrastructure since 2014, highlighting the commitment to strengthen the nation's long-term prosperity.
"The bond issuance is a testament to our unwavering dedication to St. Maarten's growth and development," stated Minister of Finance Ardwell Irion. "With these funds, we aim to enhance the quality of life for our citizens, foster community engagement and lay the foundation for a sustainable and resilient future."
He said the development signals a renewed era of progress and prosperity for St. Maarten, reaffirming the nation's resilience and determination to build a brighter tomorrow.
The issuance of the bond is over a 20-year period and will leverage the current Dutch yield curve, with an interest rate of 3.418% as of October 19. “This financing represents a crucial milestone in the country's developmental journey,” it was stated in the release.
