The Caribbean Development Bank has approved a US $106.1 million loan to finance projects in Antigua & Barbuda through to 2018.
In a release from the CDB, the money comes as part of a Country Strategy and will be used to achieve financial sector stability; improved access to and improved quality of education; and improved physical infrastructure.
The funds are also aimed at reducing the cost of energy and providing cleaner energy; increasing private sector competitiveness; adequate water and sanitation facilities; and better economic management.
A major part is a US $50 million policy-based loan aimed at stabilising the financial sector and encouraging fiscal reforms.
Financial Secretary in the Ministry of Finance and CDB Director for Antigua & Barbuda, Whitfield Harris Jr, welcomed the financing.
Director of Economics at CDB Dr Justine Ram said the financing will set the stage for future investments, while providing resources for critical core areas.
“CDB will continue to work closely with the Government of Antigua & Barbuda to ensure strong country ownership of the strategies outlined in this plan,” Dr Ram said.
The Country Strategy was developed in consultation with officials of the Government of Antigua & Barbuda, as well as other key stakeholders.
(More in today’s Daily Observer)