As the Bible says, in another context, and to paraphrase that statement, in perhaps a most selfish, but real manner – if we, the people of Anguilla, have no hope, then we, of all persons, would be most miserable in these times of financial and economic difficulty.
That’s a fact. We have had a most successful period of economic development prior to 2008. Projects were in full swing; jobs and money were plentiful; rental apartments were few and there was a demand for more housing for sojourners from outside the island cashing in on our employment opportunities and progress. Suddenly, our economic bubble burst and everything went haywire as the world economy collapsed and filtered down to us. Today, we are still in the doldrums. There is a lack of full employment; the economy is virtually still in shambles and, worst of all, our banking sector is in a severe state of stress of one form or another.
But it appears that there is a glimmer of hope on the horizon. It seems that at last our Mother Country, England, may be turning a sympathetic eye towards us. To back up, late last year, Anguilla looked with envy and dismay at a number of Commonwealth Caribbean countries for which the UK Prime Minister announced funding of 300 million pounds in new vital immediate infrastructure. This included roads, bridges and ports to drive economic growth and development across that region. Among the projects was the upgrading of 15 ports by providing specialist equipment to speed up freight movements. Further, the UK Government extended 100 million pounds in export finance to Jamaica; 30 million pounds to strengthen hospital infrastructure in the Commonwealth Caribbean; and a further 30 million pounds to support regional Governments in improving the management of their public finances in order to improve their public services.
How do you think that a needy Overseas Territory, like Anguilla, felt about this when, in our case, our woes included the Road Bay Jetty ready to collapse in the sea; the Princess Alexandra Hospital terribly in need of vital equipment and upgrading; our schools in gross disrepair; and our banking sector in trouble and up to today needs a bail-out and re-investment?
Our long experience as a resilient and patient people may in the end payoff, however. It is in this context that we refer to the recent UK Government’s approval for the Anguilla Air and Sea Ports Authority to borrow up to EC$4 million, with the Anguilla Government guaranteeing 80%, for the urgent repair of the Road Bay Jetty; and the promised assurance of the UK Government to fund the construction of a paralleled roll-on-roll-off pier. This is certainly welcome news and a great relief to an island and people who depend so much on the sea and the economic benefits of a cargo port facility. A polite big thank you is in order less we be accused of being ungrateful and unmannerly.
It was only on Monday, this week, May 16, that the Caribbean Development Bank approved US$35.3 million for Anguilla to have the necessary financial wherewithal to improve “banking system stability (whatever that means); a better environment for business and investment; upgrades to transport infrastructure (including the Blowing Point Ferry Terminal); and increased renewal energy capacity”. We also say a big thank you.
What do these financial provisions say to us? It appears that Anguilla, despite its financial woes, and bad publicity in that regard, is rebuilding its confidence abroad – and responsible sources are prepared to assist us whether in loans or hopefully grants. It is also a significant encouragement to foreign and local investors to have faith in the stability of Anguilla and its economy. Anguilla is again ripe and ready for investment to provide jobs for our people and money in the economy. It makes us feel that somebody cares about us and that we must also believe in ourselves and our ability to succeed. Above all, it gives us hope that, to use an oft-repeated positive – if not political – phrase: “Anguilla will rise again”.
