The flag of Barbados flutters on the Parliament buildings as preparations take place to mark the Caribbean island's transition to a republic, in Bridgetown, Barbados, November 29, 2021. REUTERS/Toby Melville/File Photo

Barbados is set to become the first nation to use a new standardised debt swap facility aimed at helping multiple countries use money for development projects instead of high-interest loan payments, finance officials have told Reuters.