Govt. gets $190 mil. Dorian loan

Govt. gets $190 mil. Dorian loan
An aerial shot of Marsh Harbour, Abaco, in the immediate wake of deadly Hurricane Dorian. (FILE PHOTO)

NASSAU, BAHAMASRBC Royal Bank has announced the successful disbursement of a BSD $190 million consortium loan to the Bahamian government to assist with Hurricane Dorian reconstruction efforts.

RBC was the largest bank involved, providing BSD $100 million. The remaining BSD $90 million was provided by four other local banks.

The proceeds of this loan will be used to assist the Government with Hurricane Dorian recovery and reconstruction efforts in the Abacos and Grand Bahama.

This marks the second time that a transaction of this nature has been undertaken by RBC.

The bank also led a BSD $130 million consortium loan following Hurricane Matthew in 2016.

In a statement, RBC underscored its role in a number of key infrastructure and development projects including: the Arawak Cay Port Development, the Princess Margaret Hospital Critical Care Block, the Lynden Pindling International Airport Development, the Harry C. Moore Library, and the Franklyn R. Wilson Graduate School of Business at the University of The Bahamas.

“In addition to providing the bulk of the financing, RBC was pleased to lead the coordination efforts to help make this loan a reality,” said Brian Knowles, RBC Vice President, Corporate Banking.

“Support for rebuilding and recovery is essential to help get life back to normal for thousands of Bahamians, and it is something we are proud to be a part of.” 

“Hurricane Dorian imposed significant fiscal costs on the Government as we seek to provide social and economic support to residents of Abaco and Grand Bahama and restore key public infrastructure,” said Deputy Prime Minister K Peter Turnquest.

“The Government appreciates the strong participation of representatives of the domestic banking community in our capital raising initiatives.” 

“Hurricane Dorian brought unprecedented levels of destruction and damage to communities on the Abacos and on Grand Bahama,” said LaSonya Missick, Managing Director for RBC in The Bahamas.

“As an Abaconian myself, I am proud of RBC’s continued commitment to helping our clients thrive and our communities prosper. I know that this loan will go a long way in rebuilding the lives of our impacted fellow Bahamians.”