Bridgetown) The Board of Directors of the Caribbean Development Bank (CDB) has approved a USD10 mn Policy-Based Loan (PBL) to support the reform priorities of the government of Grenada.
This is the first in a series of three USD10 mn PBLs that have been proposed for Grenada. It will provide support to the Government in the implementation of a programme of institutional and policy reforms to restore macroeconomic stability and resume sustainable private sector-led growth and development.
Warren Smith, President of the Caribbean Development Bank said: â€śThis PBL is a blend of â€śhardâ€™ and soft resources designed to support Grenadaâ€™s policy reforms and to improve the countryâ€™s debt dynamics. â€ś
Grenada has been a member of the CDB since 1970 has a long-standing involvement in Grenada, with approvals over the period 1970-2013 totaling $236.8 mn, which represented 5.6 per cent (%) of total approvals to its Borrowing Member Countries (BMCs). Lending has primarily supported the development of economic infrastructure.
About the Caribbean Development Bank
The Caribbean Development Bank is a regional financial institution established 1969 for the purpose of contributing to the harmonious economic growth and development of the member countries in the Caribbean. There are nineteen regional borrowing member countries, three regional non-borrowing member countries and five non-regional, non-borrowing member countries. As of December 31, 2013, CDB had total assets of USD1.45bn.
For further information
Contact: â€¨Klao Bell-Lewisâ€¨Head Corporate Communications