BARBADOS WILL now be able to access more concessionary financing from foreign governments to build productive capacity in areas like tourism and sugar cane.
The limit was expanded yesterday by $1 billion – from $1.5 to $2.5 billion – through an amendment to the Special Loans Act, introduced by Minister of Finance Chris Sinckler as the first order of business in the House of Assembly.
He said Government must have at its disposal the resources to do the restructuring the economy desperately needed. It was, he added, absolutely critical to build productive capacity over time via long-term special loans debt, which would ensure that Government would be able to intervene in the economy in strategic ways and make it more competitive.
Sinckler also said that when the amendment was being contemplated, loans like the government-to-government Chinese loan, with interest of about three per cent, for investment in the Almond property in St Peter were considered; along with tourism projects like the Pierhead marina, the acquisition of the Sam Lord’s property, and expansion of the Grantley Adams International Airport.
