China Promises $1 Billion In Loans

Two days after signing a technical assistance agreement with the Government of The Bahamas, which pledges support of up to $5 million, China’s Vice Premier Wang Qishan announced that the People’s Republic of China will provide $1 billion of preferential loans to CARICOM countries.

Speaking at the Third China-Caribbean Economic and Trade Cooperation Forum in Port of Spain, Trinidad and Tobago, Wang also revealed that China will provide $1 million to the Caribbean Development Fund (CDF), as well as provide training opportunities to no fewer than 2,500 Caribbean trainees and an opportunity for 30 Caribbean professionals to earn master’s degrees in China.

He also said China will help construct an early warning tsunami and earthquake system for the region and provide disaster training.

This recent pledge by the Chinese government is the second such billion-dollar loan facility for the Caribbean in recent times.