BARBADOS MAY SOON be able to borrow relatively large sums of money from the World Bank to finance development projects in energy, climate change and natural disaster preparedness or rehabilitation.
While the global financial institution doesn’t plan to reverse its long-standing graduation of Barbados from its long-term concessional loan window because of the island’s relatively high per capita income, the decision is seen as a major step forward for Barbados at a very difficult financial time. Just as important, the bank’s move is being backed aggressively by the Obama Administration.
The White House’s position was confirmed by United States Vice President Joe Biden when he addressed Caribbean leaders and their energy ministers at the first US Caribbean Energy Summit in Washington a few days ago.
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