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Barbados to get concessional funding


CLM

Barbados to get concessional funding

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CARICOM’s push to regain access for Barbados and other countries in the region that were graduated from concessional funding from the World Bank has borne fruit.

On July 3, Prime Minister Mia Amor Mottley disclosed that after two years of Barbados’ lobbying for a rethink of this policy because of the vulnerabilities of the region, the United States has agreed to approve temporary access, albeit for COVID-19 recovery and development effort.

This represents the first time that the needle has moved in this matter, a development that the Prime Minister hailed as a sign that the unified voice of the region was being heard.

The development means that Barbados and The Bahamas can access funding at favourable terms from the World Bank for the first time since 1993. (CLM)

 

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