EDA Project Making Grenada More Climate Resilient, One Project at a Time

PR – Grenadians all over the island are making improvements to their homes, properties and small businesses in order to become more climate resilient. This is being made possible through the Enhanced Direct Access Climate Adaptation Revolving Fund at the Grenada Development Bank (GDB), financed by the Green Climate Fund through the Government of Grenada. This fund is specifically targeted toward vulnerable populations including low income households, people with special needs and single parent households.

Since the fund was launched on March 31, 2022, 54 projects have been approved at a value of $ 2,424,852.17 XCD. Successful projects have ranged from the building of retaining walls to control soil erosion, home structural improvements to withstand hurricane force winds, implementing renewable energy solutions such as solar panels and implementing water efficient bathroom solutions which lower water consumption and costs.

Of the approved applications, 41% requested financing for flood and erosion control measures, 29% for structural upgrades to homes and 12% for water storage devices (see visual display below).

The Revolving Fund is output four (4) of the Green Climate Fund financed Enhanced Direct Access Project for Grenada aimed at assisting home and business owners in preparing for climate change by adapting their physical infrastructure. The major areas covered by the fund include:

• Water Management/Efficiency – Water conservation, recycling, harvesting, septic systems
• Climate Smart Building – Roof insulations, green roofs, safe rooms/bunkers
• Structural adjustments that increase climate change resilience – Roof reinforcement, strengthening and replacement of windows and doors
• Flooding and Erosion Control – Site drainage and retaining walls
• Health and Vector Control – Mosquito screens (windows & doors)
• Renewable Energy Systems – Energy efficient appliances, Solar P.V. systems

Eligible persons can qualify for up to $200,000XCD with an interest rate of 2% annually and successful applicants have been sharing positive reviews about the programme. A resident of Calliste, St.George’s said, “The EDA project was a timely intervention. I invested the funding in the purchase of two (2) 800 gallon water tanks for additional water storage because in the dry season, we would usually be without water for days. Now I have a steady water supply.”

A loan recipient in Beaton, St.David’s invested in a solar water heater, replumbing of her home and a new drainage system for erosion control. She said, “I am saving over $40 dollars on my electricity bill monthly with the installation of the solar water heater and with the new drainage system, water in no longer undermining the foundation of my home. ”

In Cafe, St.Andrew’s another homeowner said through the fund she was able to accomplish something major in her life, that of repairing her home and installing bathroom and toilet facilities. She said, “ I am glad that I can leave my children in a better position.”

Speaking of the Fund, General Manager at the Grenada Development Bank Royston Cumberbatch said, “The EDA is an excellent facility that empowers citizens with the tools to make practical changes to protect their homes and livelihoods. The GDB welcomes citizens to find out more and apply for funding. ”

Visit our website www.grenadadevelopmentbank.com to learn more about the Revolving Fund at https://www.grenadadevelopmentbank.com/eda-project.html

Please contact Ria Murray, Communications Officer at 440-2382, extension 271 for media inquiries or additional information.

About the Grenada Development Bank:

The Bank’s mission is to be an innovative and viable development organization, providing high-quality financial and related services to Grenada to foster socio-economic development.
The Bank’s vision is to be the leading provider of development financing in Grenada, Carriacou, and Petite Martinique.