Barbados Gets IDB Financing

The IDB has approved a $45m loan for Barbados to promote renewable energy use. The program is expected to generate a net benefit of $284m in fuel and electricity cost savings over the next 20 years, the bank says. The loan is for a 20-year term, with a 5-year grace period, and carries a variable interest rate based on Libor. It is expected to be followed by a second loan of similar characteristics.