Grenada gets US$10 million in low-cost financing from CDB

BRIDGETOWN, Barbados - The Board of Directors of the Caribbean Development Bank (CDB) has approved a US$10 million policy-based loan (PBL) to support the reform priorities of the government of Grenada.

This is the first in a series of three US$10 million PBLs that have been proposed for Grenada. 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.

Warren Smith, CDB president, 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.”

Grenada has been a member of the CDB since 1970 and the CDB has had a long-standing involvement in Grenada, with approvals over the period 1970-2013 totaling $236.8 million, which represented 5.6 percent of total approvals to its borrowing member countries (BMCs). Lending has primarily supported the development of economic infrastructure.