Mottley outlines cricket loan, African-Caribbean cultural vision

Wed, Nov 1, '23

In a bid to boost the sports tourism industry, Barbados is seeking to borrow $50 million from the African Import/Export Bank (Afreximbank) to upgrade the historic Kensington Oval “to the next level”, Prime Minister Mia Mottley announced on Monday.

As she addressed the second AfriCaribbean Trade and Investment Forum 2023 (ACTIF23) in Guyana, she said the US$25 million (BDS$50 million) loan will have a “highly competitive” seven per cent interest rate and a seven-year repayment period, and it will be allocated for the urgent refurbishment of the iconic cricket stadium. Barbados is to host matches in the 2024 ICC Men’s T20 World Cup.

In a speech that also touched on road tennis, football, athletics and music, she sought to connect the cricket loan with Barbadian tourism’s prospects and her vision of future African-Carribbean cultural solidarity: “We understand the power now that sports and culture give us in being able to deepen the solidarity and expand the business markets necessary for our hoteliers, our purchases of all goods and commodities because it is within our reach.”

Mottley’s announcement of the Afrexibank loan comes 18 years after the Owen Arthur administration borrowed a combined $200 million from the Inter-American Development (IDB) and commercial banks for the demolition of the old stands and the redevelopment of the stadium in 2006 for the 2007 Cricket World Cup. The stadium also staged the final of the T-20 Cricket World Cup in 2010.