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$120m loan before House

Albert Brandford

$120m loan before House

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Government is going to?Parliament today to seek approval of a guarantee of a $120 million loan and bond issue to the state-owned Barbados National Terminal Company Limited.
The resolution, in the name of Minister of Finance Chris Sinckler, seeks affirmation of the minister’s guarantee of the funds from the Barbados National?Bank (BNB) and the BNB Finance & Trust Corporation to construct new terminal facilities and to expand and upgrade the distribution and management systems of the Fairy Valley, Christ Church company.
It is one of a series of new measures on the Order Paper for MPs on their return today at 10 a.m. to the House of Assembly from the annual summer recess.
Also expected to be debated is an amendment to the Exempt Insurance Act to raise the rate of income tax on licencees from two per cent on the first $250 000 of taxable income to eight per cent. The rate on income in excess of $250 000 remains at zero per cent.
Read the full story in today’s DAILY NATION.