Gov. Albert Bryan Jr. announced Thursday the successful closing of a $150 million Garvee Bond agreement to fund several long-anticipated infrastructure projects across the U.S. Virgin Islands, including new ferry service, road reconstruction, and major upgrades to Veterans Drive.
“This is a monumental day for the Virgin Islands,” Bryan said in a statement issued from Miami, where the deal was finalized. “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 funds will support three key initiatives: the launch of long-awaited ferry service between St. Croix and St. Thomas; completion of Phases two and 2A of Veterans Drive on St. Thomas; and $28 million in road reconstruction projects on St. Croix, according to the statement.
“This deal is not just about concrete and asphalt — it’s about connecting communities, creating jobs, and building a stronger, more unified Virgin Islands,” Bryan said.
The Garvee Bond financing structure allows U.S. states and territories to borrow against future federal highway funds, enabling immediate infrastructure investment. The financing involved multiple partners, including Ramirez and Company, the Virgin Islands Public Finance Authority, the Public Works Department, and the law firm Duane Morris LLP, the statement said.
Bryan also thanked Commissioner Derek Gabriel and his team at Public Works for their role in executing the deal. He is scheduled to return to the territory Saturday, with Lt. Gov. Tregenza Roach currently serving as acting governor, it said.
