CAF Loan Agreement A Significant Boost For Cultural Sector

Minister with responsibility for culture, Senator Dr. Shantal Munro-Knight, has described the signing of a US $75 million loan agreement with the Development Bank of Latin America and the Caribbean (CAF) as a major investment that would lead to building out Barbados’ cultural assets.

The loan agreement was signed by Prime Minister Mia Amor Mottley and the Executive President of the Development Bank of Latin America and the Caribbean, Sergio Díaz-Granados Guida, at the Wyndham Grand Barbados Sam Lord’s Resort, during the 48th Regular Meeting of the Conference of Heads of Government.

The loan is to finance the Sector Wide Approach Programme (SWAP) in support of Roots from Cultural Heritage to Innovation in Barbados.

Speaking to reporters yesterday following the signing of the agreement, the Minister said the loan was extremely important for the cultural sector as it would see the creation of modern spaces that allow for greater artistic expression by the island’s creatives.

“This is extremely significant. I mean, people talk about what Government normally borrows for, so it’s normally infrastructure… roads, schools, and those sorts of things. But this is one of the first major investments you see the Government doing…for culture. So that loan would allow us to…build out for the creative sector, greater spaces. So, we will be building out an amphitheatre at the Botanical Gardens… and then also on the Newton site, we will also then have an amphitheater for the Performing Arts again,” Senator Munro-Knight stated.

She stressed that the financial investment was extremely important for culture and the arts and expressed the hope that practitioners in the industry would be appreciative of Government’s efforts to grow and provide opportunities for practitioners in the sector. 

Senator Munro-Knight also shared that Barbados will commemorate the 400th Anniversary of the first landing of the British settlers in Holetown in May.  As part of the celebrations, there will be a memorial at Newton, as part of the Reclaiming our Atlantic Destiny (ROAD) Project. (PR/GIS)