The Caribbean Development Bank (CDB) double dipped to help BERT.
The Barbados-based regional bank approved two separate loans that will see Government access a total of $230 million to go in conjunction with the Barbados Economic and Recovery Transformation (BERT) programme, aimed at getting the economy back on good footing.
The first, a policy based loan of US$75 million, will be disbursed immediately, and the second of US$40 million, has been earmarked specifically for physical improvements at the Grantley Adams International Airport, which are set to commence early next year.
Prime Minister Mia Mottley and president of the CDB, Dr William Warren Smith signed the agreement for the policy based loan at the CDB’s Wildey, St Michael headquarters this morning.
Dr Smith revealed the loan was approved by the Bank’s board only yesterday, and showed the institution’s intent to maintain a working relationship with Government that had spanned the last five decades.
A smiling Mottley said she was proud of the hard work put by CDB officials, and the loans were a signal to the country of the confidence international entities such as the International Monetary Fund had in BERT as mechanism to stabilise the Barbados economy.
The policy based loan will be used to aid in enhancing how business is done in Barbados, improve resistance to climate change and increase social protection systems.
Today’s signing agreement was attended by CDB officials , Minister in the Ministry of Economic Affairs, Marsha Caddle, Director of Finance, Ian Carrington, and economic advisor Dr Avinash Persaud. (BA)
Subscribe now to our eNATION edition.
For the latest stories and breaking news updates download the Nationnews apps for iOS and Android.
