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BVI government borrows $1.5 million for Paraquita Bay greenhouse

Minister of Finance Dr D Orlando Smith of the British Virgin Islands will seek permission to borrow $1.5 million to finance the start-up and functioning of the long-awaited Paraquita Bay Greenhouses on Tortola.

Deutsche Bank has agreed to grant a loan facility to cover the aforementioned cost.

The government has given numerous timelines for the greenhouse project at Paraquita Bay to be completed, but all of them have been missed, mainly due to funds that were owed to the Florida-based International Business and Trade.

The Auditor General already stated that Government has spent $6 million on the project, and no crop has yet been reaped.

Source: bvinews.com
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