Debt affecting Cave Hill Campus
(Barbados Nation) A debt of approximately B$200 million owed by the Barbados Government to the University of the West Indies – most of it to the Cave Hill campus – has started to have a negative impact and ripple effect on several operators within the business community.
DAILY NATION investigations have revealed that the Barbados-based campus which is celebrating its 50th anniversary this year appears to be struggling to pay its creditors and has racked up millions of dollars in unpaid bills.
Most of the money is reportedly owed to traditional suppliers and the debt is said to have contributed significantly to the cash flow problem these businesses are currently experiencing.
A source who declined to be identified said Cave Hill was “limping along with a strangulating debt that has long surpassed its annual budget and which now stands at twice the size of what it was a year ago”.