Barbados has wiped out its multimillion-dollar debt owed to the University of The West Indies (UWI) Cave Hill campus.
This was disclosed on Monday by UWI vice chancellor Professor Sir Hilary Beckles, who said the Barbados Government had managed to pay off the last $50 million of the debt which principal of the Cave Hill Campus Professor The Most Honourable Eudine Barriteau said in 2017 was “close to $200 million”.
Speaking at a regional media conference on the eve of the start of a two-day cycle of bilateral budget discussions between individual governments and the university’s campuses in their respective countries, the vice chancellor said while the Barbados Government had initially agreed to give the university a significant amount of property in lieu of cash, despite its economic challenges the Mia Amor Mottley administration managed to settle its financial obligation to the university.
Sir Hilary estimated The UWI had lost between $80 million to $100 million in the last ten years through “an impairment of those debts” owed by regional governments which stood at about US$117 million when he became UWI vice chancellor six years ago. (GC)