The Senate has passed a Resolution for Barbados to borrow 600 million dollars from three commercial banks.It was also passed in the Lower House on Tuesday.
Minister in the Ministry of Economic Affairs and Investment, Senator Chad Blackman says the loan will be used to repay higher-interest loans.
The savings will be redirected to pay back a capital loan from the Inter-American Development Bank and the Green Climate Fund, to construct a tertiary sewage treatment plant in Graeme Hall, Christ Church.
Senator Blackman suggests the Debate should not be partisan.
CIBC is lending 360 million dollars, Royal Bank 140 million, and Scotiabank 100 million.
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