GOVERNMENT IS BORROWING $240 million from the Export-Import Bank of China to help fund the redevelopment of the 450-room Sam Lord’s Castle in St Philip.
The money, which would finance 85 per cent of the project, would be on-lent to the Barbados Tourism Investment Inc.
In laying the resolution before the House of Assembly last night, Minister of Finance Chris Sinckler said it was not possible for most developed countries to secure a loan with such favourable terms, including an annual interest rate of 2.5 per cent.
Not even the former Barbados Labour Party administration, he said, was able to secure such conditions. (WILLCOMM)
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