The Board of Directors of the Caribbean Development Bank (CDB) has approved a second policy-based loan of USD75 million to the Government of Barbados to assist with the continuation of the Barbados Economic Recovery and Transformation (BERT) Plan.
The Hon. Mia Amor Mottley, Prime Minister of Barbados and Dr. William Warren Smith, President of CDB signed the loan agreement at Ilaro Court, yesterday.
Dr. Smith said that over the past 18 months, CDB has been monitoring very closely the progress of reforms in Barbados under BERT, and revealed that the Bank is very encouraged by the resolve and commitment of the Government to the plans and targets of the programme.
“We are also very satisfied with the results so far, the most recent being the successful conclusion of the external debt restructuring negotiations. This was no easy feat, but the government’s perseverance paid off, thus paving the way for a more convincing and sustained economic recovery,” he pointed out.