Grenada can access more than US$100 Million, says PM Mitchell

Tuesday, March 18, 2014 7:44 PM- St. George's, Grenada
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ST. GEORGE’S, GRENADA, March 18, 2014 – GIS:
Prime Minister Dr. Keith Mitchell says Grenada can draw down more than the estimated US$100 million dollars once it meets set targets during the three-year Home Grown Programme.

The Prime Minister says Grenada is expecting US$30 million from the World Bank, US$30 million from the Caribbean Development Bank and an unlimited amount from the European Union.

“If we perform well; if we meet our targets in the Programme, the total amount of money will be above US$100 million dollars,” Prime Minister Mitchell said.

“But it depends on all of us.”
The Prime Minister was speaking at a news conference, Tuesday morning, after the IMF announced, over the weekend, that it had reached a US$21.9 million dollar agreement with Grenada.

“This is just the IMF’s initial contribution to the programme,” Prime Minister Mitchell explained.
“But you have the World Bank, who is providing at least US$30 million dollars of soft loans; Caribbean Development Bank is providing US$30 million dollars; the European Union is providing significant support – and that is not soft loans, that is a grant and the sky is the limit there.”

World Bank and CDB officials were in St. George’s recently negotiating with Government on the money Grenada is expected to receive.




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