Governor Albert Bryan Jr. announced in early June the successful closing of a $150 million Garvey Bond financing agreement in Miami, Florida that will significantly transform transportation and infrastructure across the U.S. Virgin Islands. The governor shares in a recent press release:
“This is a monumental day for the Virgin Islands,” Governor Bryan said. “The closing of this bond deal means we are now able to break ground on projects that have been years in the making and deliver additional real, tangible improvements to the lives of Virgin Islanders.”
The funding will directly support three critical infrastructure priorities:
- The long-awaited ferry service between St. Croix and St. Thomas will now become a reality, reconnecting our islands and opening new pathways for commerce, travel, and unity.
- Completion of Veterans Drive Phases 2 and 2A on St. Thomas, a project that will modernize our waterfront and create a safer, more beautiful thoroughfare for residents and visitors alike.
- $28 million in road reconstruction and improvement projects on St. Croix, addressing long-standing concerns and making our roads safer and more efficient for everyone.
The Governor’s office also said the Garvee Bond mechanism allows states and territories to leverage future federal highway funds to finance critical infrastructure today — a strategic approach to accelerating growth while maximizing federal investment.
Read more about the deal as reported by the VI Consortium here, and the St Croix Source here.