Barbados has secured a substantial low-cost loan from the British government, amounting to £300 million (approximately BDS$773 million), to advance its climate resilience initiatives and economic sustainability goals. This significant financial boost was announced by Ryan Straughn, the Minister in the Ministry of Finance and Economic Affairs.
The funding, provided by the United Kingdom Export Finance Agency, will support the Caribbean island in developing climate-resilient infrastructure and enhancing its export capabilities. Minister Straughn highlighted that the British government decided to offer this loan based on the progress of Barbados’ existing programmes.
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“Last October, we received correspondence from the British government indicating that based on the progress of Barbados’ programmes, they are prepared to make available £300 million in loan financing. This funding is intended to support not only climate-resilient programmes but also initiatives to boost our exports,” Straughn shared with Barbados TODAY.
Straughn emphasized the importance of this support within the broader regional context. Caribbean Community (CARICOM) nations have committed to reducing their food import bills by 20 to 25 percent by 2025, a goal that includes establishing a food terminal in Barbados to process agricultural products.
The minister outlined several priority areas for utilizing the British funding, emphasizing the loan’s concessional terms. “It is concessional lending, and therefore we welcome that opportunity. So we’ve been meeting with the ministries and agencies in the private sector to see how best we can utilize access to those resources, because in order for Barbados to become climate resilient by 2030, it is not just the physical infrastructure, but it is also related to how the economy is going to become more resilient,” he said.
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Straughn identified food security as a crucial area of focus. “As we’ve seen in the last few years with a range of issues with logistics globally, it is important that we establish a greater level of food security and therefore greater investment within agriculture. We’ll be part of that, but also have the opportunity to expand on additional industrial infrastructure. So expanding the footprint of BIDC [Barbados Investment and Development Corporation] to be able to do and attract more investment is one of the areas that we want to see how we can utilize those resources,” he added.
This loan marks a significant step forward for Barbados as it strives to achieve climate resilience by 2030 and bolster its economic stability through strategic investments and infrastructure development.
Source: Barbados Today
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