The Cabinet says it took a decision to re-capitalize the Antigua and Barbuda Development Bank (ABDB) to the tune of US$ 9 million
The $4 million dollars which the CARICOM Development Fund (CDF) will provide in the form of a grant, will be placed in the ABDB.
Additionally, the US$5 million dollars which will flow from Global Ports in the form of a grant, will also be placed in the ABDB.
The government blames the former UPP administration for bankrupting
It said a fishing vessel and a cotton-growing enterprise that both failed, consumed the bank’s capital without a single penny in repayment made to the ABDB.
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