Prime Minister Mia Amor Mottley (left) got a first-hand look at the refurbished fishing facility at Pile Bay yesterday. Architect, Rianne Greaves (right), tells PM Mottley and Minister of Maritime Affairs and the Blue Economy, Kirk Humphrey, about some of the amenities.
$9M GRANT SECURED
Although Barbados failed to get a debt-for-nature swap, the island was still successful in securing a $9 million grant to aid in maritime conservation efforts.
This was revealed by Prime Minister Mia Amor Mottley during yesterday’s official opening ceremony of the $1.5 million upgraded Pile Bay Fish Landing Facility.
Highlighting significant work was being done with the Nature Conservancy, which is one of the premier non-governmental organisations set out to be able to preserve nature across the entire globe, Mottley outlined while there had been hopes to do a debt-for-nature swap, especially as part of the economy’s restructuring, one major problem was encountered.
“Barbados’ debt is trading too high for us to do a debt-for-nature swap. (Thursday) I believe we were trading still above par at 1.02. For those who are familiar with the financial markets,
they will tell you that you can’t really seriously go for a debt-for-nature swap if your debt is trading at those high, high levels, which even though we are in a deep, deep, deep economic and global problem with respect to the pandemic, is an amazing fact because it says that in spite of the economic decline last year driven by the closure of our borders because of the COVID pandemic, that the world and the financial markets continue to have confidence in Barbados’ government paper,” she stated.
“It doesn’t mean that there are not difficulties, or there are not blemishes or there are not blotches, but it means that I believe in what you are doing and where you are going and that is the evidence in that.
“The other people who clearly have confidence in what Barbados wants to achieve in its maritime jurisdiction to be able to make sure that your grandchildren and your great-grandchildren can benefit as we have from the maritime environment, ...are those environmentalists who believe that what we are doing is right,” Mottley said.
She then commended Minister of Maritime Affairs and the Blue Economy, Kirk Humphrey, for securing a US$4.5 million grant to be “able to plan out Barbados’ maritime spatial area for conservation in spite of the fact that we cannot do the debt-for-nature swap, which would have brought about that amount to us”.