Barbados on Tuesday signed a US$25 million (BDS$50 million) loan with the African Export-Import Bank (Afreximbank) to upgrade and maintain the iconic Kensington Oval.
Prime Minister Mia Mottley signed the deal on the final day of the AfriCaribbean Trade and Investment Forum (ACTIF23) at the Marriott Hotel in Georgetown, Guyana.
The agreement, inked on behalf of Kensington Oval Management Inc. (KOMI) is a term loan facility that will be used for the rehabilitation and maintenance of sports infrastructure required for the hosting of the 2024 International Cricket Council (ICC) T20 World Cup next June. The loan is being provided under Afreximbank’s Sports Financing Programme.
Speaking during the signing, the President and Chairman of the Board of Directors of Afreximbank Professor Benedict Oramah said the rehabilitation and maintenance of the sports infrastructure will foster economic growth, cultural exchange, and community development by ensuring the effective hosting of the Cricket World Cup.
He said the event will increase tourism income and stimulate growth among various service providers in the tourism industry, while the newly renovated and fully functional infrastructure at Kensington Oval will continue to host a wide range of sporting events in the future, attracting athletes and enthusiasts from around the world.
Prime Minister Mottley said that the money will contribute to further development of cricket in the region.
She said the funds will facilitate the establishment of indoor cricket facilities which will enable Caribbean cricketers to closely analyse and improve their skills to compete on the field.
“This region must give our cricketers the best available coaching and technology if they are to be able to resume their global position in cricket,” she said, while expressing gratitude to Afreximbank for providing the funds at concessionary interest rates.
(EJ)
