(Barbados Nation) A win-win situation.
That is how Leader of the Senate Maxine McClean has described the move by the Freundel Stuart administration to borrow Bds$240 million from the Export-Import Bank of China to help fund the redevelopment of Sam Lord’s Castle.
The resolution was debated in the Senate Thursday afternoon, mere days after it received approval in the House of Assembly.
Calling the terms and conditions of the loan groundbreaking, McClean said it signals that Barbados is serious about its plan to diversify the tourism sector.
The loan will attract an annual interest rate of 2.5 per cent, has a five-year moratorium, with the principal to be repaid in 31 payments over 180 months.
