Above: the meeting in Grenada (Photo: OPM)

By the Caribbean Journal staff

A delegation from China’s Export-Import Bank (Exim Bank) recently visited Grenada.

Prime Minister Tillman Thomas said his government was “very appreciative” of the Chinese delegation’s visit, and that he looked forward to the bank’s continued involvement in funding projects he called crucial to Grenada’s economic development.

“Your institution has played a significant role in the growth of our economy and we look forward to deepening the relationship,” said Thomas, who was accompanied during the visit by Finance Minister Nazim Burke, Cabinet Secretary Gemma Bain-Thomas and three Permanent Secretaries.

Thomas is also serving as Grenada’s Foreign Minister following the resignation of Karl Hood earlier this month.

“I think that China likes to share the experience of economic development with our friends,” said Li Ruogu, president of the bank. “We have already extended two tranches of our concessional facilities to the region.”

The two sides also signed a Memorandum of Understanding giving Grenada access to a development fund with a total of $1 billion which China has allocated to the region.

“If you can have very well-prepared projects, you can have a greater share of the $1 billion preferential facility,” he said. “It is a first-come, first-serve opportunity.”

Grenada has had diplomatic relations with China since 2005, after severing its relationship with Taiwan. That decision led Taiwan to sue Grenada for payment on a series of concessionary loan agreements it had made during their relationship.