Barbados gets largest CDB loan
The Caribbean Development Bank (CDB) increased the amount approved for loans to its borrowing member countries by almost 80 per cent last year.
According to the CDB’s annual report for the year ended December 31, 2010, 14 loans amounting to US$270.6 million were approved compared to a total US$151.2 million in 2009.
The two largest loan approvals were to Barbados and Anguilla, which received US$62.1 million and US$55 million. Loans to less developed countries amounted to US$162 million. The CDB also approved 127 grant-financed operations totalling US$30.1 million.
Total disbursement of loans and grants totalled US$326.9 million, which represented a 55.7 per cent increase on the US$209.9 million disbursed in 2009.
The Barbados-based bank’s total comprehensive income for the year was US$41.2 million, an increase of US$19 million from net income of US$22.2 million in 2009.
According to management’s report, this increase was primarily due to changes in the derivative fair value adjustment of US$52.6 million in 2010 which was partially offset by a foreign exchange translation adjustment of US$32.4 million primarily related to yen-denominated borrowings.
Interest income decreased by 4.8 per cent from US$40.2 million in 2009 to US$38.2 million in 2010.
The CDB also recorded a decrease of US$1.9 million in net interest income that was due largely to lower interest income on loans.
Total assets were US$1271.1 million, representing an increase of US$16.1 million.