The Government of Barbados and CAF – Development Bank of Latin America and the Caribbean have signed a USD 75 million financing agreement aimed at advancing cultural heritage preservation, tourism, and modernising related infrastructure.
The agreement was formalised between Prime Minister Hon. Mia Mottley and CAF’s Executive President Sergio Díaz-Granados on the sidelines of the 48th CARICOM Heads of Government Meeting in Barbados.
The funding will support key initiatives under the Reclaiming Our Atlantic Destiny (ROAD) Program, which seeks to strengthen Barbados’ connection to its rich history.
Prime Minister Mottley described the initiative as “a moral imperative and an economic necessity.”
She added, “CAF has been responsible for a number of loans that have made a difference in the life of Bajans, largely because many of these loans have been to build capacity in the country—from roads, right back through to the port at one point.
This time we are taking a different slant. The country has not had investment in heritage facilities for some time.
You would remember when I opened the Marcus Garvey amphitheatre in November, I indicated that the government was going to get involved in building new capacity with respect to the cultural and heritage industries and we hope to be able to do so out of this loan.”
CAF’s Executive President Sergio Díaz-Granados commended Prime Minister Mottley’s leadership and pledged ongoing support for Barbados’ sustainable development.
“Our goal is to work with you to identify new projects and programmes that we can support.
Your words yesterday during the [CARICOM] conference were very important for us because you emphasised infrastructure as a key component for regional integration,” stated Díaz-Granados.
Since 2015, CAF has approved USD 335 million in development financing for Barbados, including recent allocations for water infrastructure modernisation, climate resilience, and recovery efforts following Hurricane Beryl. (PR)
