BARBADOS HAS SIGNED a US$70 million loan agreement with the Inter-American Development Bank (IDB) to boost the island’s renewable energy initiatives.
Minister of Finance Chris Sinckler and the IDB’s Barbados representative Joel Branski yesterday signed the agreement, which is expected to help reduce the island’s electricity consumption by 90 per cent over the next 18 years and significantly lessen its dependency on fossil fuels.
Before the signing at Government Headquarters on Bay Street, Sinckler acknowledged the contribution of the IDB, saying the institution had continued to show confidence in Barbados’ economy through its ongoing financial assistance.
He noted this policy-based loan was the second of two “programmatic loans”, the first of which had been signed and disbursed last year. (GC)
Above, Inter-American Development Bank Barbados representative Joel Branski (left) shaking hands with Barbados’ Minister of Finance Chris Sinckler after signing an agreement for an IDB US$70 million loan at Government Headquarters yesterday.
(Picture by Lennox Devonish.)
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