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Friday, November 17 2017 @ 10:41 PM AST

IDB lends Barbados US$20 million to enhance cultural tourism venues, advertise online

A US$20 million loan approved by the Inter-American Development Bank (IDB) will finance the implementation of three components linked to tourism development and governance in Barbados, a statement from the IDB said October 25.

The first component will finance the development of new tourism venues with an emphasis on uniquely Barbadian cultural and heritage assets, including: a new Visitor Centre in Bridgetown’s Old Town Hall Building; the enhancement of an urban tourist route through historic Bridgetown; and improvements to the National Museum at the Garrison and the Oistins Waterfront.

The second component will increase the digital visibility and market awareness of Barbados as a cultural tourism destination in coordination with the private sector.

The third component will fund the design and implementation of a new mechanism to select operating airlines to reinforce air connectivity between Barbados and new markets.

It is anticipated that this project will help the Government of Barbados by increasing the resilience of the country’s tourism sector, enhancing the appeal of the Barbados tourism brand, and connecting Barbados with various new markets. The program will be executed by Barbados Tourism Investment, Inc. (BTI), which is the official government agency responsible for facilitating infrastructural development for tourism. Several tourism entities will collaborate with BTI in the execution of the project in their respective areas of expertise.

The loan is for a 25-year term, including a 5.5-year grace period, at a LIBOR-based interest rate.


Photo by mescal83, flickr

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