PM Skerrit Is Grateful for Valuable Partnerships With the World Bank, IMF and Foreign Investors Becoming Economic Citizens

04/06/2020 04:00

LONDON, June 4, 2020 /PRNewswire/ -- Last week, the World Bank announced it is offering the Commonwealth of Dominica US$13 million to enhance its air travel connectivity and facilities. A week earlier, the Dominican Prime Minister, Dr. the Hon. Roosevelt Skerrit, acknowledged the valuable partnership the small Caribbean island has with the World Bank, the International Monetary Fund, but also with foreign investors.

On May 21^st, PM Skerrit took part in a ceremony with AID Bank announcing the facilitation of generous loans for small businesses impacted by the pandemic. A welcome move by the business environment, the measure is complemented by several initiatives aimed at supporting all the affected segments of society, starting with the most vulnerable.

"I want to place on record also the extraordinarily good relationship with the World Bank. The World Bank continues to be a very strong partner of Dominica," PM Skerrit said. "I want to let them know that I am personally very grateful for their continued partnership. I also want to thank the IMF for some of the funds that you have been made available to us. Some US$14 million in a very rapid manner and those funds have been utilised to assist our response to COVID-19."

Dominica also attracts the most reputable foreign investors and convinces them to become its economic citizens. The legal process in Dominica, known as the Citizenship by Investment (CBI) Programme, is deemed the very best in the world. It stands out for its brilliant reputation, far-reaching impact of CBI funds on the native population and economic development, reliable due diligence, affordable investment requirements, and streamlined processing.

The Prime Minister told Khaleej Times last Wednesday that Dominica prides itself on transparency and accountability. "We have a very transparent way of spending our CBI funds," he said. "If you go to the Parliament and look at the budgetary estimates, you will see where we clearly indicate how these funds are being spent." He reiterated Dominica's stance on investing CBI funds for a longer-lasting impact: "We have decided to use the CBI funds in a sustainable way."

There are two ways foreign investors and their families can obtain second citizenship from Dominica. One can either contribute at least US$100,000 to the Economic Diversification Fund, or invest US$200,000 in pre-approved luxury and eco-conscious hotels.

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