GREAT BAY--As reported by 𝘛𝘩𝘦 𝘗𝘦𝘰𝘱𝘭𝘦’𝘴 𝘛𝘳𝘪𝘣𝘶𝘯𝘦 earlier on Tuesday, St. Maarten has secured Cg 30 million in capital expenditure (capex) loan financing for 2025, following approval from the Committee for Financial Supervision (CFT). The funding includes Cg 10.4 million for the construction of a new prison and Cg 18 million for the purchase of land in Belvedere for housing projects, marking two of the most significant allocations in this year’s capital budget.
Other approved allocations under the Cg 30 million loan are:
• Cg 450,000 for an automated parking system at the Clem Labega parking lot
• Cg 525,000 for the replacement and improvement of the Automatic Weather Observatory System (AWOS)
• Cg 450,000 for computer equipment for public schools
• Cg 120,000 for a generator for the Parliamentary Building
The capex loan forms part of St. Maarten’s 2025 budget, which initially included an approved total of Cg 52 million. However, in its July 24 advice, the CFT recommended that the government adjust its request to reflect projects likely to be completed in 2025 and to account for potential risks of delay. In response, the Ministry of Finance reduced its request to Cg 30 million, which has now been approved.
Minister of Finance, Hon. Marinka Gumbs, responded to the CFT’s Article 12 advice on July 31, and the CFT issued its final reply on August 14, thereby completing the hearing and rebuttal process. With this approval, St. Maarten may proceed under Article 16 of the Rijkswet financieel toezicht, on the condition that promised adjustments are incorporated into a budget amendment before the end of the year.
The approved financing must be included in the Netherlands budget and is expected to be disbursed at the beginning of the fourth quarter of 2025.
https://tribune-site.webflow.io//articles/land-purchase-for-housing-school-equipment-prison-included-in-capex-2025-loan-financing
