Prime Minister Gaston Browne announced to Cabinet Tuesday that he had agreed to borrow US$40 million from the World Bank for reconstruction in Antigua and Barbuda.
Browne said he has asked the World Bank to adjust both the interest rate to be charged and the length of time for payback.
The Prime Minister, as the Minister of Finance, was reporting on the progress made at the recent IMF/World Bank Conference held in Washington, D.C.
The Cabinet agreed that 700 concrete poles will be utilized in Barbuda for the electricity delivery system.
The Antigua Public Utilities Authority (APUA) will order and pay for the concrete poles that are more durable than wooden poles during hurricanes.
The monies will be reimbursed to APUA when the World Bank loan is finalized.
The World Bank has already put in place a system for the acquisition of the 700 concrete poles.
