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August 5, 2020

Dominica’s new Budget will use CBI programme funds

Following this week’s Budget announcements for 2020-2021, Dominica is set to use the revenues made from its successful Citizenship by Investment (CBI) programme in order to build new housing, among other pinpointed public services including healthcare and education.

In Dominica’s House of Parliament this week, Prime Minister Dr Roosevelt Skerrit presented the country’s budget for the fiscal year 2020-2021, marking the country’s highest ever budget allowance at nearly EC$ one billion. Of this, EC$ 472.2 million is set to be invested in the public sector with education, housing and healthcare key areas.

Among the new budget allocations, education and health have been placed second and third in the list, respectively, with the Prime Minister announcing that $245.7 million budget would be allocated to the Ministry of Education, while $59.9 million (9.9%) of the total budget would be allocated to the Ministry of Health.

While Dominica became the fastest growing economy in Latin America and the Caribbean in 2019 and is already beginning to show signs of recovery post-pandemic (the island  of Dominica had the third lowest incidence of Covid-19 worldwide), the government is keen to get back to where it was and build on its previous accomplishments.

Following Hurricane Maria in 2017, Dominica has been re-building its housing, schools and other infrastructure, which has been significantly funded by the country’s successful citizenship by investment programme.

The Prime Minister announced it will allocate EC$117.4 million to Housing and Urban Development and will build 450 homes, extending the country’s existing Housing Revolution project, to build 5,000 hurricane-proof homes, all entirely funded by the revenues made from the country’s citizenship by investment programme.

Prime Minister Skerrit said: “Over 450 homes will also be built across the island, with proceeds from the Citizenship by Investment Programme. These significant investments, while providing homes to those in need, will not only contribute to changing the landscape of our housing sector, but also create many opportunities for jobs and the provision of other services.”

In addition, using the budget funds, the construction and rehabilitation of schools damaged during Hurricane Maria will continue.

In healthcare, the construction of Marigot hospital has been promised to be completed in April 2021. This new hospital will be full equipped with an operating theatre, ICU, in-patient wards, A&E, lab and x-ray services and a dialysis unit. Four of the 12 health centres promised in last year’s Budget have been completed with two more expected to be completed in August and construction on another three have commenced.

During the Budget, PM Sherrit further stated that progress had been made towards the construction of the International Airport and that the proposed Budget for the sector of Tourism has been increased to EC$13 million in order to refocus marketing efforts post-pandemic.

To find out more about Dominica’s citizenship by investment programme, visit our Dominica Country Profile