PFA Board Hears Updates on Grants to Secure WAPA Debts, Expansion of Wifi From viNGN, and WICO Says its Finances Have Stabilized

The V.I. Public Finance Authority Board of Directors during a recent meeting heard from several government-owned entities on the status of their financials and progress to develop various sectors in the USVI. During the meeting, a grant agreement between the V.I. Office of Management and Budget and the V.I. Public Finance Authority was approved. According to a PFA release issued today, $6 million in American Rescue Plan Act funds will go towards establishing reserve accounts at two banks in the territory, for the purpose of enhancing the financial security of the V.I. Water and Power Authority. WAPA has established credit facilities at the two financial institutions.  The board also heard from WICO Executive Director Anthony Ottley, who said the company had recently refinanced a loan held with a bank in the territory. The refinancing, Ottley said, allows WICO to fund its debt service reserve while also replenishing reserves of cash. Mr. Ottley told the board that the company was in a...