Barbadian business magnate Mark Maloney has secured a US$100mn financing deal with the African Export-Import Bank (Afreximbank) to fund two major projects in Barbados. This includes US$90mn for the long-awaited Hyatt Hotel, set to begin construction after an eight-year delay and open by 2026. Additionally, a US$10mn trade finance agreement will support Rock Hard Cement’s expansion, involving imports of cement-making materials from Africa’s largest producer, Dangote Cement. Maloney praised Afreximbank for their confidence in Barbados and the Caribbean region, highlighting the bank’s support amid local bank hesitations for new projects. The initiatives aim to bolster regional economic growth and cement manufacturing capacity to meet increasing demand.
Source: Caribbean Insight