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The Barbados Government is preparing to borrow 600 million dollars as it seeks to engage in its second debt for climate swap.
The revelation from Minister in the Ministry of Finance, Ryan Straughn, as he moved a Resolution to approve the borrowing of the money from three commercial banks – CIBC Caribbean Bank, Scotiabank and RBC Royal Bank.
He explained the funds will be used to buy back an approximate equivalent amount in high cost Government of Barbados debt at a cheaper interest rate of 3.25%.
Mr. Straughn explains the savings from buying back the debt will be used to pay back another loan, which will be borrowed from the Green Climate Fund and the Inter-American Development Bank.
That loan will be used to fund the construction of the tertiary treatment plant as well as mains replacement, to allow the treated water to be channelled to farms for agricultural use.
The tertiary plant is expected to be completed within 18 months to two years after a tender for its construction is awarded.
