Barbados signs $30m loan for sustainable energy investment program

The Government of Barbados signed two loan deals with the Inter-American Development Bank. 

Prime Minister Mia Mottley said, “The $30 million USD that we just signed for with the smart energy allows us to be able to leverage renewable energy on many of the Governments properties. The Government of Barbados is spending about $400 million USD a year on the importation of fuel at a time when the geopolitics of the world threatens to increase that amount because we don’t know when how or where we might have to now face a scarcity of supply and an increase in prices because of a decisions being taken elsewhere that might not always match the application of knowledge or wisdom.”

Mottley and IDB president Luis Alberto Moreno signed a US$40 million loan for the digital transformation of public administration and a US$30 million loan as part of the Sustainable Energy Investment Programme (Smart Fund II).