Govt signs new $50 million loan with IDB

Some major roads are to receive a facelift, following the recent signing of another loan agreement between Government and the Inter-American Development Bank (IDB).

Minister of Finance Chris Sinckler initialed the US$25 million loan in support of major road works over the next five years saying, “If one were to listen to the public discourse . . . , indeed if one . . . traversed the length and breadth of Barbados, one would know that in the last few years or so we have seen some appreciable deterioration in the quality of our roads.”

Minister of Finance Chris Sinckler and IDB’s Country Representative Juan Carlos de la Hoz, signing the agreement, while Manager of the Public Investment Unit Seibert Frederick looks on.
Minister of Finance Chris Sinckler and IDB’s Country Representative Juan Carlos de la Hoz, signing the agreement, while Manager of the Public Investment Unit Seibert Frederick looks on.

Under the programme, approximately 31 kilometres of the road network is to be improved, including segments of the two major highways – the ABC Highway in the south and the Charles Duncan O’Neal Highway in the north. This includes the stretch of road from Greenland, St Andrew to Farley Hill, St Peter; Cattlewash to Barclays Park; Barclays Park to Belleplaine in St Andrew.

Work will also be carried out in parts of St Michael, including Cane Wood to Lower Estate Roundabout; Carmichael Road; and Lucas Street to the Country Road Junction.

The agreement also provides for institutional strengthening as well as rehabilitation and regular maintenance interventions by the Ministry of Transport and Works. The IDB’s Country Representative Juan Carlos de la Hoz said the project was very much aligned with the Bank’s new country strategy, which was focused on growth.

One Response to Govt signs new $50 million loan with IDB

  1. John Kellman February 26, 2016 at 6:49 pm

    Agreed. Every time you look around we are borrowing money. I wonder what the interest rate is. We have mortgaged our country !!!!

    Reply

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