Bryan administration says $150 million Garvee bond deal closed for Virgin Islands infrastructure projects

Government House said June 5, 2025, that Gov. Albert Bryan Jr. had closed a $150 million Garvee bond financing agreement in Miami to fund transportation and infrastructure projects in the U.S. Virgin Islands.

According to the statement, the financing will support a ferry service between St. Croix and St. Thomas, completion of Veterans Drive Phases 2 and 2A on St. Thomas, and $28 million in road reconstruction and improvement projects on St. Croix.

Government House said other partners in the transaction included Ramirez and Company, the Virgin Islands Public Finance Authority and the law firm Duane Morris LLP.

The statement said Bryan was scheduled to return to the territory on June 7, 2025, and that Lt. Gov. Tregenza Roach was serving as acting governor during his absence.

Official source: https://www.vi.gov/governor-bryan-announces-closing-of-150-million-garvee-bond-deal-to-fund-major-infrastructure-projects-in-the-virgin-islands/