St. George – The Government is pleased to announce the unlocking of US$30 million in concessional financing from the World Bank Group.
On Thursday, 20 July 2023, the Executive Board of the World Bank Group approved a concessional loan in the amount of US$30 million to the Government of Grenada as a testament to the significant strides made in implementing critical reforms in the past 12 months.
These reforms are geared towards promoting a greener and more climate-resilient economy and improving sustainability, inclusiveness, and accountability of fiscal management.
Specifically, the reforms aim to improve disaster management, enhance energy efficiency, promote gender equality, strengthen tax administration, and bolster fiscal resilience. The reforms will also advance Grenada’s transformational and sustainable development agenda to bring meaningful benefits to our environment, society, economy, and ultimately our people.
The loan, which carries a 0% interest rate, 10 years grace, and a 40-year repayment term, is expected to be disbursed to Grenada within the next 30 days. This loan is included in the 2023 Budget Loan Authorisation Act No. 9 of 2022.
In commenting on this remarkable achievement, the Minister of Finance, Hon. Dennis Cornwall stated, “We are extremely pleased to witness the tangible outcomes of our continuous efforts towards reform and progress in moving Grenada forward. We are grateful to the World Bank for their continued partnership and confidence in our management of the economy.”
