Barbados and China sign Framework Agreement

Barbados has inked a Framework Agreement with China to receive 230 million dollars to transform the Scotland District’s road network.

Prime Minister, Mia Amor Mottley and China’s Ambassador Yan Xiusheng signed the paperwork during a ceremony at Ilaro Court this morning.

Ms Mottley explained that at two per cent, Barbados was getting very favourable interest rates from the Export-Import Bank of China and the Asian nation will subsidize the loan over its 20 year lifetime to the tune of 85 million dollars. 

Noting that the project is an important one, Ms Mottley said it will impact Barbados’ tourism product offering, as well as the daily lives of hundreds who live in the eastern part of the island.

She says the loan will bring to four per cent, the amount of Barbados’ debt China holds.

The Prime Minister has also given the assurance that as government gets more of the current challenges under control, it will turn its focus to setting up the Scotland District authority.

Meanwhile, Ambassador Yan says phase one of the work will begin once the loan is officially signed. He told the ceremony, the Scotland District Road Rehab Project is just one of many in the works for the two countries.

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