US$300 Million Loan Facility for Productive Sector

A US$300 million facility has been negotiated with the Inter-American Development Bank (IDB), to provide loans to the productive sector.
Prime Minister, Bruce Golding, in making the announcement during a national broadcast on Sunday (Dec. 14), said that the loans will be made available through commercial banks and the Export-Import Bank (EX-IM Bank).
“I expect to sign this agreement in January and the disbursement of these funds by the IDB will commence in that same month,” he stated.
The assistance to the productive sector is part of a number of measures, announced by the Prime Minister, to provide some general relief and stimulus throughout the economy, as the Government implements strategies to repel the effects of the global financial crisis.
He announced billions in support to bauxite/alumina, tourism, manufacturing, small businesses and micro-enterprises, expected to stimulate the economy, while providing some relief for investors.
The Prime Minister said that effective January 1, the tax on dividends paid by all locally owned companies will be abolished “to help them to keep going, to protect the jobs of their workers and to encourage them to invest even in these difficult times.”
Moreover, he noted, that the transfer tax on property transactions will be further reduced to five per cent to provide some stimulus to the real estate market and construction sector. In April, the transfer tax on property transactions was reduced from 7