Antigua and Barbuda approves EC$87M loan guarantee for Transport Board

The Parliament of Antigua and Barbuda has approved a government guarantee for an EC$87 million loan to the Antigua and Barbuda Transport Board. The loan, provided by a syndicate of local and regional banks at a 6.5 percent interest rate, is intended to refinance existing liabilities and fund the development and rehabilitation of the national road network.

Prime Minister and Finance Minister Gaston Browne clarified that the EC$87 million facility is part of a larger EC$167 million arrangement. Under this structure, EC$67 million will be used to pay off debt owed to the Finance and Development Company (FDC), while EC$20 million will be immediately available as a bridging facility for road works. Browne stated that an additional EC$80 million is expected once full documentation is completed, which would bring the total net amount available for road rehabilitation to EC$100 million.

The resolution drew scrutiny from Opposition Leader Jamale Pringle, who questioned the transparency of the financing. Pringle argued that previous public discussions suggested a $100 million loan specifically for roads, whereas the current resolution shows that a significant portion of the initial EC$87 million is dedicated to covering existing debt.