Caves of Barbados Loan

October 14, 2009

No. 28/09 – BD

 

NEWS RELEASE

 

ADDITIONAL CDB LOAN FOR CAVES OF BARBADOS

 

The Caribbean Development Bank (CDB) has approved a loan equivalent to USD 12.85 million to Caves of Barbados Ltd.

 

Caves of Barbados Ltd. is a state-owned limited liability company which responsibility for the operation of Harrison’s Cave.  Harrison’s Cave is a unique and important component of Barbados’ tourism product.  It is the only “drive-in” cave in the Caribbean, and only one of three in the world offering this experience.

 

In 2006, CDB approved a loan equivalent to USD 16.87 million to Caves of Barbados to assist in financing the redevelopment of the Harrison’s Cave facilities, road safety improvements, replacement of the electric tour trams and enhancements to the equipment and operations of the Cave.

 

The additional loan will assist Caves of Barbados to finance added project costs associated with cost overruns on the original project scope.  Some of the major benefits expected from this project are the improved sustainability of Harrison’s Cave; increased net foreign exchange earnings and employment opportunities; enhancement of the local tourism product and the marketability of Barbados as a sustainable tourism destination.