Bridgetown.
The Government of Barbados and the Inter American Development Bank (IADB) signed a US$70 million loan agreement yesterday to boost the island's renewable energy initiatives.
Minister of Finance Chris Sinckler and the IDB representative Joel Branski signed the agreement which is to help reduce the isand's use of electricity by 90 percent over the next 18 years and lessen its dependency on fossil fuels. Before the signing, Sinckler said the IADB continued to show confidence in the island's economy, through its ongoing financial assistance.
He stated the policy based loan was the second of two programmatic loans, the first of which had been signed and disbursed last year.
The second loan was intended to assist with Government's programme for alternative energy and the alternative energy sector as Government sought to coalesce all of the the stakeholders interests, policies and pieces of legislation for an effective energy future for Barbados , Sinckler explained.
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