GEBE in ‘final discussions’ with local bank for funding

GEBE in ‘final discussions’  with local bank for funding

PHILIPSBURG--GEBE Chief Executive Officer (CEO) Kenrick Chittick said Wednesday that statements made by Member of Parliament (MP) Grisha Heyliger-Marten claiming that the utility company was unable to secure financing from local lending agencies for its projects are not true.

  “It is unfortunate that the managing board must constantly be required to disprove statements made about the company,” Chittick said in referring to statements made by the MP for United People’s (UP) party in The Daily Herald of Monday, June 22, 2020.

  “It appears, despite attempts by GEBE to secure a loan for much-needed investments, none of the local lenders are making a real concentrated effort. Now GEBE is being forced to seek funding abroad,” Heyliger-Marten said in a press release on Sunday.

  Chittick said in response that from the onset of discussing financing for investment projects, GEBE’s managing board had insisted that local participation was a requirement. He further stated that local, regional and international lenders were included in the initial search for funding and that the company is presently in final discussions with a local bank for a facility agreement.

  “The managing board of NV GEBE is transparent in all its actions regarding the running of the government-owned company,” Chittick declared.

  He said that enquiries can always be made by persons seeking information. “This would ensure that the information disseminated is factual and that the community is not misinformed,” Chittick stated.

  The utility company is presently in the process of finalising agreements with lenders for its investments set to ensure that NV GEBE is up to date with new technologies, renewable energy and is able to meet the island’s demands while improving the services to its customers with up-to-date information.