Prime Minister Gaston Browne has announced that the government is considering seeking a new US$100 million loan from China to finance renewable energy infrastructure and expand housing across Antigua and Barbuda.
According to Antigua News Room, Browne made the disclosure during an appearance on the Brown and Brown Show on Sunday, citing the country's improved fiscal position as a key factor behind the proposal. He noted that Antigua and Barbuda's debt-to-GDP ratio has fallen to approximately 62%, placing it near the internationally recognised benchmark of 60%.
"We're thinking that perhaps we should approach the PRC now for another loan of probably US$100 million," Browne said.
The prime minister outlined how the funds would be divided: approximately US$40 million would go toward the construction of a renewable energy plant, while the remaining US$60 million would be directed into housing development.
"We can put US$60 million into housing because we seriously want to scale up the housing push and improve the housing stock, both here and in Barbuda," Browne said.
Browne acknowledged that the government is already utilising a US$20 million grant from China to build 100 homes — 50 in Bolans and 50 in Barbuda — but stressed that the demand for housing far exceeds that scope. "Above and beyond that, we need thousands of homes and we have to scale up," he said.
The prime minister reaffirmed the administration's commitment to pursuing concessional financing for major development projects and praised China's lending terms, saying low interest rates had contributed to the country's meaningful debt reduction.
Browne also revealed that officials from the U.S. International Development Finance Corporation are expected to visit Antigua and Barbuda later this month to explore potential financing opportunities. He set clear conditions for what his government would consider an acceptable offer.
"If they're coming with a good offer, and for us a good offer must be long-term, at least 20 years, 2% interest, with a five-year moratorium — that is what we consider to be a good offer," Browne said.
He added that the government would welcome American financing, provided the terms are competitive with those offered by China. "If they're able to match the Chinese and we're getting cheap money, we will borrow," Browne said.
