Government Secures Twenty Million US Dollar IDA Loan

 Grenada’s Ambassador to the United States and Permanent Representative to the Organization of American States (OAS), H.E. Yolande Smith on Tuesday January 7th 2020 at the World Bank Headquarters in Washington, D.C., signed documents for the Second Resilience and Blue Growth Development Policy Financing on behalf of Grenada. 

The Second Resilience and Blue Growth Development Policy Credit will realize a US $20 Million loan to Grenada, which will be used to foster reforms to support fiscal sustainability, strengthen marine and coastal management, and build climate resilience. 

The agreement comes with the following terms and conditions of 0.75 percent interest for forty years with a ten year grace period. 

This signing comes under prior actions taken by Grenada under the program based on the original agreement, including the approved implementation schedule for the phase out of single-use plastic food containers, cutlery and plastic straws as evidenced by the Non-Biodegradable Waste Control act of 2019. 

Also affixing her signature to the document was Ms. Abha Prasad – Acting Director, Caribbean Country Management Unit Latin, American and Caribbean Region.