(Trinidad Express) Port of Spain-headquartered First Citizens will help boost Barbados’ supply of US dollars, Barbados Finance Minister Chris Sinckler said in a February 28 Government Information Service (GIS) statement.
Sinckler told Barbados media: “I am advised that the way is clear for the first tranche of the draw down on the Sam Lord’s loan to occur any day now, as advised by the EXIM Bank of China in writing to the Barbados Tourism Investment Inc (BTI). Similarly, all documentation to facilitate the release of the First Citizens Bank Bridging Loan for the CAF-sponsored upgrades to Customs and the Barbados Revenue Authority is settled and that too will be released in the coming days.”
The statement, headlined “Boost For Foreign Exchange Reserves” was about Barbados “foreign exchange reserves (being) boosted by more than Bds$200 million (US$100 million), thereby pushing levels back up above 12 weeks of imports”.
For a separate loan, in a separate document—the order paper for Barbados’ Parliament’s 102nd sitting on February 28, Sinckler was listed “to move the passing of a resolution to approve the guarantee by the Minister of Finance of the principal sum of Bds$17.625 million and interest thereon to be borrowed by Barbados Conference Services Ltd from First Citizens Bank (Barbados) Limited to assist with the outfitting of new offices at the Lloyd Erskine Sandiford Centre.”