Minister of Finance authorised to borrow 6M

Monday, July 24, 2017 3:09 PM- George's, Grenada

ST. GEORGE’S, GRENADA, MONDAY 24 JULY, 2017– GIS: The House of Representatives has authorized the Minister of Finance to borrow six million US dollars as additional financing for the OECS regional tourism competitiveness project. 

This is in addition to a loan Agreement entered into with the International Bank for Reconstruction and Development to obtain Financing for the project.

The motion was brought by Finance Minister Dr. the Rt. Hon. Keith Mitchell, who said a core objective of the project is to facilitate the movement of people in the region using existing ferry systems.

“If we don’t have, the vessels and the ferries it would affect tourism, it would also affect trade in a very serious way" Dr. Mitchell said.

"So that’s why I said it’s a combination of activities we are looking at, the second one is to market the region as one destination, in other words there is that perception that if I just go of on my own and market and see to it that the rest don’t get mention, I get hurt to”.

It will also help to improve potential tourism sites, especially those in the rural areas, leading to an increase in jobs.

“The key beneficiaries would be the following, increase contribution to GDP of cost, employment opportunities, foreign exchange increases, an opportunity to leverage investment to secure additional financing, " Prime Minister Mitchell explained.

"Increased occupancy in the Hotel Sector, increase earnings for the taxi operators, more earnings from small business sectors, like the vendors, for example new business opportunities for ferry operators, and increase in inter-regional trade which I mentioned before, and of course increase tourism activity".

The term for the loan is thirty years for maturity with an almost ten year grace period, with an interest rate of 2.44%.




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