Grenada

CDB secures USD 10 million loan from IDB for reconstructure, recovery and development in Grenada

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The Board of Directors of the Caribbean Development Bank (CDB) has given its approval for the Bank to borrow a sum up to the equivalent of USD10 million from the Inter-American Development Bank (IDB) for the proposed Reconstruction, Recovery and Development Programme for Grenada, which suffered extensive damage from Hurricane Ivan on September 7, 2004.

The Board gave the go-ahead during a meeting which was held at CDB headquarters in Barbados on Thursday, July 14, 2005. The meeting was chaired by President, Dr. Compton Bourne.

At the end of June this year, the IDB's Board of Directors approved a request from CDB for a loan to support the long-term recovery and reconstruction of Grenada's economic, social and environmental assets, including housing infrastructure and private sector credit.

The loan will provide support to Grenada in three component areas: housing infrastructure, business revitalisation, and environmental and public infrastructure reconstruction.

The initiative is consistent with the IDB Charter, which gives it authority to finance the development of Borrowing Member Countries of CDB which are not members of IDB, by channelling loans and technical cooperation resources through CDB.