Prime Minister and Minister of Finance, the Hon. Dr. Terrance Drew, during a Sitting of the National Assembly on Thursday, updated the nation about the Geothermal project.

Prime Minister, Dr. Terrance Drew.

Earlier in February PM Drew and Nevis’ Premier, the Hon. Mark Brantley, issued a joint statement on Feb. 10^th, which said “the Federation secured some US$17 million from the Caribbean Development Bank (CDB) for the drilling phase of the geothermal project.”

“Then it approached the Saudi Fund for Development of the Kingdom of Saudi Arabia seeking loan funding in the sum of US$20 million to further support the project”, the statement added.

The Saudi Fund for Development confirmed that its Board has approved the requested funding on concessionary terms. Basically, this means that the drilling phase can proceed as soon as the bidding process is completed.