Officials from the U.S. International Development Finance Corporation are expected to visit Antigua and Barbuda later this month to discuss potential financing for major development projects, Prime Minister Gaston Browne said Sunday.

Speaking on the Brown and Brown Show, Browne said the meeting is scheduled for July 15 and comes as the government explores funding options for housing, renewable energy and port expansion.

“I’m told that the Development Finance Corporation of the United States… will be coming here to meet me on the 15th of this month to discuss possible funding options,” Browne said.

The prime minister said the government would welcome financing from the United States if it offers terms comparable to those provided by China.

“For us, a good offer must be long-term, at least 20 years, 2% interest, with a five-year moratorium,” Browne said. “If they’re able to match the Chinese and we’re getting cheap money, we more than welcome that.”

Browne said Antigua and Barbuda has benefited from concessional financing from China for major infrastructure projects but remains open to similar arrangements from other international partners.

He added that if favourable financing becomes available, the government could borrow as much as US$150 million to further expand the country’s port infrastructure.

“We will borrow US$100 [million], maybe US$150 million from the U.S. Development Finance Corporation,” Browne said.

According to Browne, additional financing would be used to expand the recently upgraded St. John’s port into a major transshipment hub serving the Organisation of Eastern Caribbean States. He said the project would require further land reclamation and expanded container storage capacity to accommodate increased cargo traffic.

The prime minister said access to affordable long-term financing is critical to advancing Antigua and Barbuda’s development agenda while maintaining prudent debt management.

This article was originally published by Antigua News Room. Read the original article here: US Development Finance Corporation to Discuss Potential Financing With Antigua and Barbuda.