(ZIZ News) — St. Kitts-Nevis’ Prime Minister, Hon. Dr. Timothy Harris arrived in Montego Bay, Jamaica on Friday night to a warm welcome and a Guard of Honour.
Jamaica is hosting the Tenth Summit of Petrocaribe today [Saturday 5th] and tomorrow, Sunday 6th September.
On Friday, Prime Minister Harris, along with representatives of the Development Bank of St. Kitts-Nevis, PDVSA St. Kitts and the Government of Venezuela, signed documents to officially signal the beginning of the Fresh Start Programme.
Accompanying Prime Minister Harris in Jamaica is Minister with responsibility for Energy, the Hon. Ian Liburd.
Launched in 2005, the Petrocaribe Agreement allows its member countries – currently totalling 19, including Venezuela – to purchase oil from Venezuela under preferential terms. Member countries only pay 60 percent of the cost of oil up-front, and the remaining 40 percent can be paid over a period of 25 years at an interest rate of one percent.
Additionally, Petrocaribe has established the Alba Caribe Fund, which finances development projects in member states. According to the St. Kitts and Nevis Information Service, thus far, a total of US$106 million has been disbursed to fund 69 social welfare projects. An agreement was signed in August with St. Kitts and Nevis for the installation of solar panels in public schools, among other things.