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HomeBusinessWorld Bank to Consider US$100 Million Loan for Barbados

World Bank to Consider US$100 Million Loan for Barbados

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(Barbados Today) The World Bank will this week consider a request from Barbados for US$100 million in exceptional financing.

Minister in the Ministry of Economic Affairs and Investment Marsha Caddle made the disclosure during Tuesday’s sitting of the House of Assembly, during debate on the Companies (Economic Substance) (Amendment) Bill, 2021.

Barbados does not qualify for loans from the International Bank for Reconstruction and Development (IBRD) – the World Bank’s lending arm which offers loans to middle-income developing countries –, given that it was graduated based on GDP per capita.

However, the World Bank Group launched exceptional IBRD financing to respond to the COVID-19 pandemic, for which the Government applied to support Barbados’ response to the COVID-19 crisis and to promote the post-crisis economic recovery.

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