US$55m loan in limbo

By Gercine Carter | Wed, October 03, 2012 - 12:08 AM

The Inter-American Development Bank’s (IDB) US$55 million loan for the stalled Four Seasons project is still not a go – at least not yet.

That’s because failure to meet conditionalities attached to the loan, approved last May, could see a delay in developers’ accessing those funds.

IDB president Luis Alberto Moreno said yesterday there was a set of conditions in the non-sovereign guarantee loan which had to be met “before the loan has any effect”.

Yet he said the IDB still had confidence in the project.

Addressing a media briefing at the Lloyd Erskine Sandiford Centre, where the 15th FOROMIC Symposium is being held, the IDB president pointed out: “There are a number of things that need to happen before our loan has any effect and that, of course, has to do with the kinds of investments, the sponsors and the amount of equity they put into the project.”

Please read the full story in today’s MIDWEEK NATION, or in the eNATION edition.

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Posted by Bim Bum 7 months, 3 weeks ago: Yet another loan?
Barbados live from loan to loan to loan.
Quite amazing for an independent country.
Independent of whom?

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Condition.
Conditional.
"Conditionalities" -wow that's an impressive Big Word
when all it really means is CONDITIONS
but we seek to impress.

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Posted by David Hall 7 months, 3 weeks ago: Wow! so IADB have conditionalities on their money, what are the terms and conditions for the funds being asked by Barbadian taxpayers.

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Posted by Pan Wallie 7 months, 3 weeks ago: Bim Bum, this loan was in the works ever since. They can sit, laugh and talk and comsume all the big drinks in the greatestest ambience, but I can tell you from working experience, the IADB don't release money willy nilly. Good luck to them.