Prime Minister Dr. Ralph Gonsalves said St. Vincent and the Grenadines continues to benefit significantly from the Venezulan-led Petro Caribe Agreement.
He made the point while responding to a question in Parliament on August 4th.
Under the Petro Caribe agreement, launched on June 29th, 2005, ten CARICOM countries, including St. Vincent and the Grenadines, purchase oil from Venezuela, with preferential payment terms.
Dr. Gonsalves said the government has benefited from over 146 million dollars’ worth of assistance under the agreement. The Prime Minister also made the point that the agreement provides much needed finances at affordable rates.