(CMR) The Cayman Islands Government's successful conclusion of a US$403 million line of credit and a loan facility from local commercial banks was recognized recently.
Minister for Finance and Economic Development Roy McTaggart received a plaque on Friday, February 26, to acknowledge the government's successful conclusion of the line of credit and a loan facility from a consortium of four local banks.
The consortium consisted of Butterfield Bank (Cayman) Limited, Cayman National Bank Ltd, RBC Royal Bank (Cayman)Limited, and FirstCaribbean International Bank (FCIB), which acted as the lead agent of the consortium.
US$ 403 million was made available to the government to be used over a period of 16 months if the need arises.
FCIB’s Managing Director Mark McIntyre, Director Corporate Banking Gemel Sobers, and Head of Corporate Banking, Patrick Cover, presented the plaques to commemorate the transaction.
McIntyre presented a plaque to Minister McTaggart at the Government Administration Building to mark the loan facility's successful conclusion.
Also receiving plaques were the Financial Secretary, Kenneth Jefferson, and Deputy Accountant General, Gloria Myles.