Antigua & Barbuda

World Bank and CDB May Not Lend Much to Help Barbuda

Hurricane Irma passed directly over Barbuda and the damage was so severe that all 1,600 plus residents had to be evacuated to Antigua
World Bank and CDB May Not Lend Much to Help Barbuda

Prime Minister Gaston Browne says he is not optimistic about receiving any significant financial assistance from two major lending institutions to help the Barbuda recovery process.

Browne said he arrived at this conclusion after a meeting with the World Bank and the Caribbean Development Bank over the weekend.

He said he’s only expecting an estimated $25 million total from the two. According to PM Browne, “The problem we are faced with, is that Antigua and Barbuda has graduated to high income status” and therefore it is not eligible for concessional funding.

He said this rule is not even accommodating of grave circumstances such as the damage and destruction to over 90 per cent of the properties in Barbuda in early September.

Hurricane Irma passed directly over the sister isle, and the damage was so severe that all 1,600 plus residents had to be evacuated to Antigua.

A state of emergency was declared and the clean-up process began over the weekend.

Source/Antigua Observer

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Antigua & Barbuda

CARICOM Chair Calls for United Position at WTO Ministerial Conference

December 9, 2017

Caricom-Cuba Summit Opens Today in Antigua

December 8, 2017

Antigua-Barbuda: Replacement For Michael ‘On Standby’ If Charges Are Brought

November 24, 2017

Wealthy Nations Have a Responsibility to Help Rebuild Storm-Hit Barbuda: PM

November 21, 2017

Antigua and Barbuda PM Rejects Misappropriation Claims

November 20, 2017

U.K. Government Urged to Do More for Barbuda

November 17, 2017

Antigua and Barbuda to Hire Auditors to Examine Hotels’ Books

November 13, 2017

Barbudans Have No Money to Rebuild – PM

November 9, 2017

Antigua and Barbuda PM ‘Stands By Asot Michael Decision’

October 25, 2017
You Can Advertise Here
"The other side of the news!"
Copyright © 2015 Carib Flame. Follow us on Twitter @caribflame