Above: the signing ceremony (Photo: ABG)

By the Caribbean Journal staff

Antigua and Barbuda has signed a $10 million loan agreement with the World Bank.

The loan will finance public and private sector reform activities over a five-year period, according to the government.

Antigua Finance Minister Harold Lovell and World Bank Country Director for the Caribbean Sophie Sirtaine signed the agreement Wednesday in Washington.

Of the $10 million, around $4 million will target the introduction of “Active Labour Market Programmes,” initiatives aimed at increasing employment opportunities for citizens between 17 and 50 years of age.

The remainder of the funding will go toward strengthening public institutions, modernizing human resource management and helping to establish a national beneficiary system and other programmes.

The loan is to be repaid over 30 years with a five-year initial moratorium on principal payments.