Barbados is set to borrow more than $100 million from a commercial bank in Bridgetown to pay off much of its arrears to the University of the West Indies (UWI).
“All the details have not yet been worked out but the plan will allow us to get the money and the Barbadian Government will repay the funds to the bank over time,” the UWI’s vice chancellor, Dr Nigel Harris, told the Sunday Sun in an exclusive interview in New York.
“There is an intermediary who is taking responsibility for the loan and that intermediary will pay the university while the Government will pay the intermediary over time. The intermediary is in Barbados.”
Barbados is the UWI’s largest debtor with an outstanding bill of $150 million.