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Bahamas: IDB approves $200 mil. loan to promote competitiveness

NASSAU, BAHAMAS — The Inter-American Development Bank (IDB) has approved a US$200 million loan to promote competitiveness and environmental resiliency in The Bahamas.

This will be done by improving the business climate; supporting the micro, small and medium enterprises (MSMEs) continuity; modernizing the institutional and legal framework to protect the natural resources; and economic diversification by promoting scientific and institutional developments in the Blue Economy, according to a statement. 

The IDB loan of US$200 million has a repayment term of 20 years, a grace period of five and a half years and an interest rate based on LIBOR – a global benchmark.

The program reportedly supports the mandate and vision of the Bahamas Economic Recovery Committee of providing for a resilient, dynamic, inclusive, and sustainable economy and promotes private sector-led growth under a stronger comprehensive environmental framework.

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