CIBC Caribbean pleased to be a part debt-for-climate swap

The head of one of the banks involved in the world's first debt-for-climate swap says it's pleased to be a part of the initiative. CIBC Caribbean, along with Scotiabank and RBC Royal Bank agreed to lend the Government of Barbados 600 million dollars. The funds will be used to buy back an approximately equivalent amount in high-cost Government debt at a cheaper interest rate. The savings will be used to pay back a loan to construct a tertiary sewage treatment plant on the south coast. Managing Director of CIBC Caribbean, Donna Wellington, spoke about the initiative during a signing ceremony at Ilaro Court. Subscribe to CBC Barbados https://www.youtube.com/@cbcbarbados246 Connect with the CBC Barbados Website: https://www.cbc.bb/ Facebook: https://www.facebook.com/CBCBARBADOS/ Instagram: https://www.instagram.com/cbcbarbados246 X: https://twitter.com/CBCBARBADOS #CBCTV8 #CBCNews #ConnectingBarbadianCommunities