Saturday, April 20, 2024

$2.8m bailout for cave company

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Revenue has dried up at the company which manages Harrison’s Cave, forcing Government to rescue it with $2.8 million.

That is the amount of money Caves of Barbados Ltd will be getting to make payments on a loan it received from the Caribbean Development Bank to redevelop the country’s premier natural attraction.

Minister in the Ministry of Finance Ryan Straughn told the House of Assembly yesterday that the funds would be used to pay the debt for October and January.

He explained that Caves of Barbados “has had a significant hit with respect to . . . its revenue over the course of the last six months because of the cessation of not just air travel, but certainly the cruise industry would have come to a complete halt as a result of COVID-19.

“And naturally, in respect of the fact that the revenue would have fallen off significantly, to zero for the most part, the commitments under . . . this loan, they are still due. Therefore, we are making as a Government these sums available to the Caves of Barbados to be able to service its debt with the Caribbean Development Bank,” he said as the House debated a supplementary resolution on the matter.” (SC)

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