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Loan snag


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Loan snag

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THE FUTURE of the multimillion-dollar Four Seasons project remains uncertain, as top officials of the
Inter-American Development Bank (IDB) and the National Insurance Scheme (NIS) in Barbados continue to mull over new and separate financing proposals aimed at jump-starting the stalled hotel project.
Following last week’s talks between Minister of Finance Chris Sinckler and IDB executives, well placed sources in Washington yesterday confirmed that the executive board of the bank was yet to give its “final blessing” to a secured loan arrangement for Four Seasons.
The board, which includes one representative from Barbados, Jamaica, Guyana, The Bahamas and Trinidad and Tobago, is said to be considering financing of up to US$52 million which would have to be complemented by a US$30 million B loan or co-financing from other sources.
“There is still a lot of work to be done and more information to be provided to the IDB,” added one confidential source. “There are engineering and financial details that must be worked out before any money can be disbursed,” the source said. (TB)
 
Full story in today’s DAILY NATION.
 

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