News

Grenada Receives $10 Million Loan From Caribbean Development Bank

By: Caribbean Journal Staff - July 28, 2014

Above: Grenada (CJ Photo)

By the Caribbean Journal staff

The Caribbean Development Bank’s board of directors has approved a $10 million policy-based loan for Grenada.

The loan will support the Grenadian government’s “reform priorities,” according to the CDB.

The loan is the first in a series of three $10 million policy-based loans that have been proposed for Grenada.

“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,” said Warren Smith, president of the Caribbean Development Bank, in a statement.

The bank said the loan would provide support in the “implementation of a programme of institutional and policy reforms to restore macroeconomic stability and resume sustainable private sector-led growth and development.”

The CDB has approved loans totaling $236.8 million in loans to Grenada since the country joined the CDB in 1970.

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