Above: Antigua (CJ Photo)

By the Caribbean Journal staff

Antigua and Barbuda will receive a $10 million loan from the World Bank, following approval by the bank’s Board of Directors.

The loan will support the government’s efforts to “improve public sector efficiency, strengthen capacity and institutions, and deliver better services to its citizens and residents,” according to a World Bank statement.

Antigua recently embarked on a National Economic and Social Transformation Plan, which includes public and social sector reforms.

We are very happy to support this project – the first World Bank investment operation ever in the country which represents a milestone in our good relations with Antigua and Barbuda,” said Françoise Clottes, World Bank director for the Caribbean. “This is a country which has showed impressive progress in implementing structural reforms and we are confident that this project will contribute to assist the Government in its objective to resume sustainable growth,” said Françoise Clottes, World Bank Director for the Caribbean.”

The loan will provide support for strategic planning and policy coordination, help improve efficiency of social safety net programmes and “increase employability of the vulnerable population,” according to the Bank.

The loan is a fixed-spread loan with a final maturity of 30 years. It has a five-year grace period.