US$55m loan in limbo
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.”