Gov’t asks World Bank for reconstruction loan

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Prime Minister and Minister of Finance Gaston Browne announced that he has agreed to borrow US$40 million from the World Bank for reconstruction in Antigua and Barbuda.

Browne told his Cabinet on Tuesday that he has asked the World Bank to adjust both the interest rate to be charged and the repayment period. The loan will, in part, be used to pay back the Antigua Public Utilities Authority (APUA) for 700 concrete poles which will be utilised in Barbuda for the electricity delivery system.

“APUA will order and pay for the concrete poles that are more durable than wooden poles during hurricanes. The monies will be reimbursed to APUA when the World Bank loan is finalised,” notes from the Cabinet indicated.

World Bank loan rules require a tendering system for the purchase of goods and services, in the interest of good governance and transparency. The World Bank has already put in place a system for the acquisition of the 700 concrete poles.

Last Friday, Prime Minister Browne accompanied by Minister of State in the Ministry of Finance and Corporate Governance, Senator Lennox Weston; Ambassador Sir Ronald Sanders; Financial Secretary Whitfield Harris and Deputy Financial Secretary Rasona Davis-Crump met with the World Bank Regional Director for the Caribbean, Tahseen Sayed and held discussions on the rebuilding programme on Barbuda and the Antigua and Barbuda economy.

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