Barbados gets $9 million grant to assist maritime conservative efforts

Although Barbados could not obtain a debt-for-nature exchange, the island was still successful in obtaining a $9 million grant to assist in maritime conservation efforts.

PM Mottley: Barbados in need for greater direct foreign investment
PM Mottley: Barbados in need for greater direct foreign investment

Barbados: Although Barbados could not obtain a debt-for-nature exchange, the island was still successful in obtaining a $9 million grant to assist in maritime conservation efforts.

Prime Minister Mia Amor Mottley revealed this during yesterday’s official opening ceremony of the $ 1.5 million upgraded Pile Bay Fish Landing Facility.

Mottley indicated that significant work has been done with the Nature Conservancy, which is one of the leading non-governmental organizations that can preserve nature worldwide, Mottley outlined while hoping for a debt-for-nature exchange. , especially as part of the restructuring of the economy, one major problem was encountered.

“The debt of Barbados is trading too high for us to make a debt-for-nature exchange. (Thursday) I believe we are still trading 1.02. For those familiar with the financial markets, they will tell you that you can not really go serious for a debt-for-nature exchange if your debt is traded at the high, high levels, even though we have a deep, deep, deep economic and global problem with respect to the pandemic, is an incredible fact because it says that the world and the financial markets still have confidence in Barbados’ government newspaper, despite the economic downturn last year due to the closure of our borders due to the COVID pandemic,” she said.

“It does not mean that there are no problems, or that there are no blemishes, or that there are no spots, but it does mean that I believe in what you do and where you are going, and that is the proof.”

“The other people who clearly have confidence in what Barbados wants to achieve in its maritime jurisdiction to make sure your grandchildren and great-grandchildren can benefit from the maritime environment, are the environmentalists who believe that what we do is right,” Mottley said.

She then praised the Minister of Maritime Affairs and the Blue Economy, Kirk Humphrey, for obtaining a US $4.5 million grant to ‘plan the maritime spatial area of ​​Barbados for conservation, despite the fact that we not the debt-for-can do not exchange nature, which would bring that amount to us.