The Student Revolving Loan Fund (SRLF) could soon get a $15 million boost from the Caribbean Development Bank (CDB) to shore up its coffers.
Barbados TODAY understands that Government and the CDB are finalizing details of the loan agreement, but it was not immediately clear when the funds would be disbursed.
The money, which was approved last year, will go towards the strengthening of the SRLF, which provide loans to eligible Barbadians seeking assistance to pay for their tertiary level education.
Director of projects at the CDB Daniel Best said last year that the bank had disbursed approximately US$435,000 to the Barbados Government under the Education Sector Enhancement Project.
“In 2015 the CDB approved US$7.5 million to the Government of Barbados to assist the student revolving loan fund in improving human resources capacity in the island by providing loans to eligible students at the tertiary level,” said Best.
“And under that initiative there was also US$0.25 million approved for institutional strengthening to enhance the business model of the student revolving loan fund to operate on a more sustainable basis,” he said at the time.