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Antigua and Barbuda will invest nearly US$60m to purchase 4,225 additional shares in the Corporación Andina de Fomento (CAF), deepening its partnership with the Latin America and Caribbean development bank.
Prime Minister Gaston Browne said the move will raise the country’s total stake to US$75m, allowing it to borrow up to four times that amount.
The government aims to secure about EC$400m in loans to refinance high-interest debt at rates between five and six per cent. CLICK HERE TO JOIN OUR WHAT’S APP GROUP
Mr Browne told Parliament the strategy would improve cash flow and help settle outstanding obligations, including payments to local suppliers.
The motion passed the House of Representatives without debate, months after Antigua and Barbuda’s initial US$15m investment in CAF.
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Lol the motion would have to sail though. Not like there are enough people to oppose.
In the Upper house would be the same thing
US$60 million is a huge commitment though. I hope the government is making sure CAF loans don’t come with hidden conditions.
This looks like a smart move if it really lowers our interest payments. Antigua has been carrying heavy debt for too long.