The Barbados Government could soon be getting an additional US$90 million policy-based loan from the Inter-American Development Bank.
President of the IDB Luis Alberto Moreno announced today that a number of things had to be first put in place before the loan could be approved.
Moreno, who is here attending the current forum on micro-financing at the Lloyd Erskine Sandiford Centre, said a technical team which recently visited Barbados was working on addressing the conditions attached to the funding.
The IDB president said he met yesterday with Prime Minister Freundel Stuart and Minister of Finance, Chris Sinckler to review the existing IDB projects with the Government.
We had a very good meeting in which we were able to review the current status of, not only the work of the bank here in Barbados, but more importantly, of the expectations that we had for a meeting here of the FOROMIC and how those expectations were surpassed and how happy we were that we were hosting this meeting here. I also had a chance to talk to the prime minister and listen directly from him about how he perceives some of the challenges that not only Barbados, but the Caribbean region as a whole has right now,” explained Moreno.
He told reporters the bank had developed a country strategy for Barbados that would be taken up with the board next year.
“We have pretty much made a decision,” added the IDB head. He said the strategy had been discussed internally already.
Moreno revealed that the bank had approved some US$200 million to Barbados between 2009 to 2013. (EJ)