Caribbean Development Bank Approves $5.9 Million in Emergency Loan Support For Grenada

PR – Grenada is among seven Caribbean countries approved to benefit from emergency loan support from the Caribbean Development Bank (CDB).

Notification from the CDB confirmed that Grenada was approved for US $5.9 million worth of concessional financing to bolster the country’s COVID-19 response efforts.

The CDB loan has a grace period of five years and will attract only 1% interest. 

A press release issued by the CDB stated that, “The emergency loans, made under CDB’s most concessional terms, will provide vital liquidity and increase governments’ fiscal space to allow these countries to promptly meet their urgent financing needs without diverting resources away from critical social expenditures or health emergency needs.”

Welcoming the approval of the CDB funding, Prime Minister and Minister of Finance, Dr. the Right Honourable Keith Mitchell, said “the highly concessional terms of the CDB loan and other financing Grenada has been able to attract, allows Government to focus less on debt servicing and give priority to bolstering the healthcare system and addressing the economic fallout for those most impacted by the pandemic.”