Barbados: Economy to receive $300 million in stimulus spending – will result in 1000 new jobs

The Barbados government says it intends to invest BBD$600 million (US$300 million) as part of a new stimulus to improve the local economy and create at least 1,000 new jobs.

“Together when the BBD$355 million (US$167.5 million) taken from this new stimulus package and the BBD$300 million (US$150 million) from traditional estimates, we anticipate an injection of BBD$600 million (US$300 million) in capital works spending.

“This new stimulus to the Barbados economy will forge additional economic activity and contribute to the reinvigoration of the construction sector, creating new jobs and growing the Barbados economy,” Finance and Economic Minister Chris Sinckler told parliament as it debated the Estimates of Revenue and Expenditure for the financial year 2013 to 2014. The new financial year starts on April 1.

Sinckler told legislators on Monday this week, that work on phase one of the new cruise pier at the Bridgetown Port will commence in the next few weeks – with full financing by July and providing for another BBD$70 million (US$ 35 million) in civil works over the next 12 months.

The recently re-elected minister also said that work on the Pier Head Marina will begin later this year with financing now being finalized resulting in BBD$60 million (US$ 30 million) in additional work, and thus more money introduced into the economy.

“The Grantley Adams International Airport (GAIA) and the Ministry of International Transport are expected to conclude negotiations with developers and investors for an injection of an additional BBD$20 million (US$ 10 million) to institute the construction of a new cargo shed at the GAIA. “The Ministry of Transport and Works will be given instructions to forge ahead with the negotiations of a special stimulus road works package starting at BBD$80 million (US$ 40 million) with the major road builders to carry out much needed work in some parishes, which will start this late summer.”

“This is the type of stimulus we know that it is sustainable it creates more jobs and economic activity and ensure that business in Barbados flourish. Our hope is that these projects will create in access of one thousand new jobs from this work during the construction phase and also other spin-offs,” Sinckler told legislators. -(CMC)