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Government is injecting millions to build new state-of-the-art facilities at the Queen Elizabeth Hospital, as well as to improve the existing infrastructure.
It is borrowing approximately BBD313.6 million from the China Sinopharm International Corporation to finance 80 % of the cost associated with the design and construction of one building with an outpatient clinic, a patient ward, a burn unit and a laboratory centre, known as the Queen Elizabeth Hospital Enmore Site Extension Lot 1 Project.
The funds will also finance the construction of an oncology centre, an administration office and outside works, known as the Queen Elizabeth Hospital Enmore Site Extension Lot 2 Project.
Minister in the Ministry of Finance and Economic Affairs, Ryan Straughn, says the outpatient building, patient ward, burn unit and laboratory centre will cost BBD195.9 million.
Minister Straughn says the Lot 2 Project, which includes the oncology centre, administration office and outside works, is estimated to cost BBD196.1 million.
He says Government is also borrowing approximately BBD100 million by way of two loans, each of approximately BBD50 million, from the OPEC Fund for International Development for the purpose of financing the Programme to Strengthen Social Services in Barbados II.
The first loan has a grace period of five years and must be repaid over a 20-year period at a fixed 3.0 % per annum, payable semi-annually.
Meanwhile, the second loan also has a grace period of five years, to be repaid within 20 years at a 4.7 % interest rate.
