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US $19m loan from Alba arrives today

US $19m loan from Alba arrives today


An estimated US$19 million from the Alba Bank is expected to be deposited into the account of the government of this country by today, Tuesday, November 29.{{more}}

The money is a loan from the Alba Bank at a 2 per cent interest, with 25 years to pay off the debt.

Prime Minister Dr. Ralph Gonsalves, speaking at the Unity Labour Party’s convention last Sunday, November 27, said that he intends to put between $8 and $9 million towards the international airport project, with the rest going to central government.

“And they say I must un-sign Alba and I must un-sign Petro Caribe?”

According to the prime minister, the fund has already provided some $30 million, which has been used for the airport construction and other poverty reduction projects, including agricultural development.