Grenada Receives USD10 mn in Low-Cost Financing from CDB
The Board of Directors of the Caribbean Development Bank (CDB) has approved a USD10 mn Policy-Based Loan (PBL) to support the reform priorities of the Government of Grenada. This is the first in a series of three USD10 mn PBLs that have been proposed for Grenada. Dr. Warren Smith, President of the Caribbean Development Bank said: "This PBL is a blend of "hard' and soft resources designed to support Grenada's policy reforms and to improve the country's debt dynamics." It will provide support to the Government in the implementation of a programme of institutional and policy reforms to restore macroeconomic stability and resume sustainable private sector-led growth and development. Reforms are aimed at restoring fiscal and debt sustainability, strengthening resilience and enhancing competitiveness supported by better infrastructure and structural reforms in the Tourism, agriculture and energy sectors that are expected to create conditions for higher economic growth that is sustainable, job-creating and inclusive. With Grenada's economic transformation, CDB recognises that in the long term environmental and social challenges could emerge that may be indirectly associated with the sectors directly impacted such as; agriculture, Tourism and energy. The Bank will continue to work with the Government of Grenada and other development partners, to support improved institutional arrangements and management of these issues, as identified in the approved Grenada Country Strategy 2014-2018. Grenada has been a member of CDB since 1970 has a long-standing involvement in Grenada, with approvals over the period 1970-2013 totaling USD236.8 mn, which represented 5.6 per cent (%) of total approvals to its Borrowing Member Countries. Lending has primarily supported the development of economic infrastructure. CAPTION: Mr. Timothy N.J. Antoine, Director for Grenada (left) with CDB's Acting Vice-President (Operations), Mr. Nigel Romano.