ST. GEORGE’S, GRENADA, MONDAY 19TH, OCTOBER, 2009: The Board of Directors of the Caribbean Development Bank (CDB), at its 238th meeting in Barbados on Tuesday October 14, 2009, approved three (3) loans for the Government of Grenada as follows:
- A policy based loan of US$12.8 million;
- A loan of US$5 million to improve the quality and effectiveness of basic education in Grenada; and
- A Technical Assistance (TA) loan of US$625,000 to undertake a Rehabilitation and Upgrade study in respect of two (2) sections of the road network in the parish of St. Patrick’s.
The policy based loan will support a programme of macroeconomic reforms that is intended to (a) strengthen the institutional framework for economic management; (b) consolidate and streamline revenue systems; (c) strengthen financial management in the public sector; (d) improve the investment climate; and (e) enhance the framework for sustainable poverty reduction. This loan is to be disbursed in two (2) equal tranches of US$6.4 million dollars based on agreed benchmarks.
The education loan will finance (a) building and civil works at four schools: Grenada Seventh Day Adventist Comprehensive, Grenville Secondary School, St. Joseph Convent St. George’s and Vendomme Roman Catholic Primary School; (b) provision of furniture, equipment and learning materials at the project schools; and (c) improving of the efficacy of basic education through curriculum refocusing, teacher development and school transformation.
The TA loan will finance the design and rehabilitation works for two sections of the road network in the parish of St. Patricks. The first section is approximately 8 kilometres (km), starting in Duquesne and ending in Sauteurs. This section of road provides access to many of the existing and proposed tourism and recreational sites. The second section is approximately 8 km, spanning between Mt. Fendue and Belmont Road.
The CDB Director for Grenada and St. Vincent and the Grenadines, Mr. Mervin Haynes of the Ministry of Finance in Grenada, attended the meeting.
For further information on this matter please contact the Department of Economic and Technical Cooperation:
Phone – 1-473-435-8889/9480 Fax – 1-473-440-5038
Source: Ministry of Finance, Planning, Economy, Energy and Cooperatives