Grenada has signed a US$100-million loan with the Saudi Fund for Development (SFD), nearly two months after the Dickon Mitchell government sought authorization from the Parliament.
Finance Minister Dennis Cornwall signed the loan agreement with the Fund on the sidelines of the recently held 2023 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) in Marrakech, Morocco.
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This is Grenada’s first loan from the SFD, with the island becoming the 91st country to receive financial assistance from SFD.
The loan is expected to help develop climate-smart infrastructure in the towns of St George’s, Grenville, and neighboring areas in Grenada.
“The project will include constructing breakwaters, developing hydro and sewage networks, modernizing the waste treatment system, and using remote sensors to monitor air pollution, thus helping the Caribbean nation become more environmentally friendly and climate-smart,” said the SFD in a statement.
“The assistance provided by the organization is expected to generate both direct and indirect employment opportunities in the region. The project also reflects the importance that SFD places on mitigating climate change through smart and environmentally friendly projects,” it added. CMC
