THE INTER-AMERICAN DEVELOPMENT BANK (IDB) has withdrawn its support of the controversial Four Seasons Project, cancelling $160 million in loans it committed to the venture more than two years ago.
DAILY NATION investigations revealed that the IDB, which had agreed to fund construction of the hotel component, recently made the decision after months of concerns by its board about the project’s slow progress.
This was confirmed by the bank, which has now placed a “cancelled” project status on its website, as well as an official who was involved in the negotiations for the loan.
The decision comes as efforts continue to get the Black Rock, St Michael project restarted.
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