10 May 2019
The agreement of a multi-year Economic Development Investment Programme between St Helena Government (SHG) and the UK Government (UKG) aims to grow the Island’s future economic prosperity and is positive news for the Island.
A Steering Group of key stakeholders (consisting of SHG officials, DFID and Councillors) will be created to ensure that:
(1) A Compact is agreed that sets out the shared objectives and commitments between UKG and SHG and provides the foundations for a new relationship based on greater mutual accountability. The intention is for this new Compact to help govern UKG’s overall funding to St Helena.
(2) St Helena benefits from this considerable funding investment of £30m to improve the Island’s infrastructure over the next six years. Investment in critical infrastructure on the Island is needed for economic development and expansion of the private sector.
SHG is committed to drive forward on some ‘quick win’ projects which expect to begin implementation this year. However, before moving into the implementation phase, SHG needs to ensure that the projects are a priority for the Island and contribute to the economy or unlock investment opportunities. The Steering Group will help prioritise the investment options. Project implementation will commence as soon as possible, and the public will be kept informed of progress.
Future Year Projects
The demand for delivery outweighs the funds available, so each project will be assessed on their own merit and will be filtered through a series of evaluation criterion relating to economic development. The prioritisation criteria will assess the alignment to the 10-year plan and strategic objectives as well as assessing which projects can deliver the greatest economic benefits for the Island. The evaluation for future year projects is expected to commence from June 2019.
Notes to Editors
The UK Government has committed up to £30m to improve St Helena’s infrastructure over the next six years (2019/20-2024/25), £15m of which is committed over the next three years (2019/20-2021/22), and £15m which is indicatively planned for the subsequent three years (2022/23- 2024/25) subject to a review to be undertaken at the halfway stage of the implementation, to consider progress and assess value for money.
Both SHG and UKG will work together to maximise the impact of this programme. This will include jointly agreeing key on-Island reforms which will promote investment opportunities, build a stronger investment climate and a more resilient infrastructure base whilst preserving and promoting what makes St Helena unique.
#StHelena #EconomicDevelopmentInvestmentProgramme #EconomicProsperity
10 May 2019