Ivey reacts as bank backs out of mega-prison plan

Ivey reacts as bank backs out of mega-prison plan
New hurdle in Alabama prison plan
By Lydia Nusbaum | April 19, 2021 at 7:59 PM CDT - Updated April 19 at 8:02 PM
MONTGOMERY, Ala. (WSFA) - Gov. Kay Ivey’s plan to build and lease several mega prisons at the cost of billions of dollars suffered a set back when it was confirmed that a major underwriter for the project has backed out.
Barclays Plc announced Monday it would no longer participate as an underwriter to help provide financing for correctional facilities in Alabama.
Ivey signed lease agreements in January to build two new prisons aimed at helping Alabama’s troubled prisons system. The new prisons would cost $3 billion. These are not private prisons. A company would build the prisons and lease them to the state. The Alabama Department of Corrections would operate the new facilities.

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