Barbados has formalized a significant $500 million agreement with the Export-Import Bank of the United States (EXIM Bank), aimed at strengthening essential sectors such as renewable energy, cybersecurity, water infrastructure, and maritime security.
The Memorandum of Understanding (MOU), signed by Prime Minister Mia Mottley and EXIM Bank Chairman and President, Reta Jo Lewis, is set to remain in effect until 2026. The deal is expected to enhance economic resilience in Barbados while opening up new export opportunities for the United States.
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Prime Minister Mottley expressed her satisfaction with the agreement, describing it as a statement of intent to collaborate on key areas and providing access to a line of credit of $500 million. While the MOU does not legally bind the parties, Mottley emphasized its role in reinforcing the growing bilateral relationship between the two nations. “This agreement signals confidence in Barbados, linked to our recent achievements such as debt-for-nature and debt-for-climate swaps,” she noted.
The partnership aligns with Barbados’ goal of achieving carbon neutrality by 2030 and complements initiatives such as the recently passed Cybercrime Bill aimed at enhancing digital security.
EXIM Bank’s Reta Jo Lewis stressed the strategic importance of Barbados as a key partner in the Caribbean, with the agreement reinforcing the Biden-Harris administration’s efforts to strengthen ties with the region. “EXIM is committed to supporting projects that have a transformative impact on the local economy, from small business growth to large-scale infrastructure development,” Lewis said, also indicating that the bank stands ready to exceed the initial $500 million if needed.
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For Prime Minister Mottley, the agreement is a win-win for both Barbados and the United States, as it supports Barbados’ national development goals while creating opportunities for U.S. businesses. Mottley highlighted the importance of addressing water infrastructure challenges and noted that the partnership would be crucial in overcoming climate-related stresses on water systems.
The agreement also reflects ongoing strides in renewable energy, with Barbados hopeful that advancements in battery storage and upcoming legislative changes, such as the revised Electric Light and Power Act, will drive progress in the sector.
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