Barbados defends huge China loan

(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.

choooooops....a big loan to develop and diversify tourism.  after all these years Bim cyar find another more practicial and sustainable form of national income?
how long will tourism as we have know it continue?

all the western ordinary people losing their jobs, economy falling..all the prospects are bad short and long term and they are incurring debt to invest in tourism.
pheeeeeeeeeeeew.  the Bim elites need help ::LOL:: ::LOL:: ::LOL:: ::LOL::