Bridgetown.
The Inter-American Development Bank (IADB) has approved a loan of US$52 million to restart the stalled Four Seasons hotel and resort project.
Barbados approached the IADB last year for financial assistance to get the project started after it had stalled due to the global financial meltdown.
The IADB conducted a number of feasibility studies before offering a financing package that included US$30 million in loans and co financing by other sources.
Barbados National Insurance Scheme has approved an investment of $60 million in the project, which before it was halted employed 700 workers.
