𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐨𝐟 𝐆𝐫𝐞𝐧𝐚𝐝𝐚 𝐚𝐧𝐝 𝐔.𝐒. 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐑𝐞𝐚𝐜𝐡 𝐀𝐠𝐫𝐞𝐞𝐦𝐞𝐧𝐭 𝐭𝐨 𝐑𝐞𝐬𝐨𝐥𝐯𝐞 𝐊𝐚𝐰𝐚𝐧𝐚 𝐁𝐚𝐲 𝐀𝐫𝐛𝐢𝐭𝐫𝐚𝐭𝐢𝐨𝐧

The Government of Grenada and a group of U.S. investors that had been working through True Blue Development to build the Kawana Bay Resort near world-famous Grand Anse Beach, jointly announced the resolution of a dispute that had been under arbitration
since 2021 before the World Bank’s International Centre for Settlement of
Investment Disputes.

Prime Minister Dickon Mitchell, elected in 2022, led efforts to reach an amicable
outcome to the impasse, which had halted construction of the five-star resort two
years ago under a prior government, even though 92% of available units at Kawana
Bay had been sold or committed for sale to international investors.

As a result of the agreement, the Grenadian government will assume ownership of
the Kawana Bay Project and Property and seek a new developer to complete the
project, which had already reached an advanced state before the dispute arose.
Importantly, in accordance with Grenadian law, owners and investors in Kimpton
Kawana Bay will be entitled to seek compensation from the Government of Grenada pursuant to Grenadian law for the compulsory acquisition of the Property.

The Prime Minister, the Honorable Dickon Mitchell, stated, “the Government of
Grenada desires a fair and equitable resolution with all owners and committed
purchasers at Kimpton Kawana Bay, whose citizenship status in Grenada is
unaffected by this negotiated agreement. In fact, the Citizenship by Investment
Program remains active and strong, and we anticipate its continued contributions to
the Grenada economy and our people.”

True Blue investors responded, saying, “We commend the Government of Prime
Minister Dickon Mitchell for working with us to resolve this situation in an atmosphere of mutual respect and trust.

We have always believed that the Kawana Bay Project will make a tremendous contribution to Grenada’s economy and are pleased that the Kawana Bay Project will now move forward unburdened by a dispute that arose under a previous government.”

A spokesperson for the Grenadian government said, “Grenada welcomes foreign
investment and respects the rule of law.

It was time to move beyond this unfortunate episode, which needlessly impeded development of Kawana Bay, a property that will be a mainstay of Grenada’s tourism and leisure industry.

We appreciate the True Blue investors’ contribution to Grenada’s economy and their
working with the Government to negotiate a resolution to this dispute that will
benefit all Grenadians.”

Under terms of the agreement, the Government of Grenada will obtain the entire
Kawana Bay Resort through a compulsory acquisition and take steps to ensure that
the project is completed and built out to its fullest potential, for the benefit of the
tourism industry and with maximum employment for Grenadian citizens’ top of
mind.

True Blue Development will no longer be involved, and the ICSID arbitration is
discontinued.