Underwriter withdraws from Alabama prison lease project

Alabama

FILE – This Tuesday, Oct. 22, 2019, file photo shows a sign that reads, “HELP,” in the window of an inmate cell seen during a tour along with state officials at Holman Correctional Facility in Atmore, Ala. On Monday, April 19, 2021, the underwriter for a project to build two prisons in Alabama announced it is pulling out of the effort. (AP Photo/Kim Chandler, File)

MONTGOMERY, Ala. (AP) — The underwriter for a project to build two prisons in Alabama has announced it is pulling out of the effort.

The move by Barclays Plc followed criticism that it was breaking a promise not to get involved in for-profit prisons.

Barclays on Monday confirmed that it would no longer be involved with CoreCivic’s construction of two prisons in Alabama that would be owned by the company but rented and operated by the Alabama Department of Corrections.

The decision deals a blow to the plan to lease new prisons.

Alabama Gov. Kay Ivey said she is disappointed but the state is continuing to move forward with the project.

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