The Dominica government on Monday said it would be seeking a “highly concessionary loan” of more than EC$50 million from the World Bank as it seeks to advance the digital economy.
“Government sees the digital economy as part of a number of very important blocks for the creation of dynamic Dominica,” Prime Minister Roosevelt Skerrit told a news conference, adding: “Last week, Cabinet had authorised the Finance Minister to seek a ‘highly concessionary loan of EC$54 million to help our country Dominica to implement the various building blocks….”
He said that the authorities had been in consultation with the Washington-based financial institution seeking their assistance in providing both technical and financial resources “in order to help us fashion that plan of the digital economy.”
He said that the discussions were also aimed at getting support for putting the infrastructure in place “to allow us to realise that very important objective of the government.
“We believe that this is of extreme importance to the country because if we are successful in implementing this strategy there would be many attendant benefits,” he said. “We believe it would make our country more efficient, more attractive to foreign direct investment, better-paying jobs especially for young professionals…”
Skerrit said that a digital economy would also improve the efficiency of how the government would conduct business.
“This approach that we are taking today would also make our economy a bit more resilient to external shocks (and) also natural disasters because once the infrastructure is in place we can continue to engage ourselves in a number of critical activities.”