Parliament approved the guarantee Tuesday but only government members were in the chamber to vote as the Opposition People's National Party (PNP) walked out in protest.

Prime Minister Bruce Golding said that the guarantee has to be put in place before May 31.

The Government in 2007 guaranteed a loan amount of US$29 million per annum to support the operations of NROCC for three years.

Currency swap

The loan guarantee approved Tuesday involves a currency swap, which is aimed at protecting the DBJ's Euro 204.4 million exposure under the Bandes loan against currency fluctuation risks.

Finance Minister Audley Shaw brought the resolution to Parliament after Golding sought the cooperation from opposition spokesman on finance Dr Omar Davies for the guarantee to be pushed through the House.

But Davies' assistance was not necessary as PNP MPs left the House complaining about the scheduling of the sectoral debate.

Cabinet took the decision in November 2008 to approve the granting of parliamentary guarantee. However, Davies said that he was not contacted about the loan until Tuesday.

"A loan guarantee is not something which occurs overnight. It is a very complex issue," Davies said.

Opposition Leader Portia Simpson Miller said that Davies could not have prepared himself properly to deal with the guarantee of the loan.