World Bank gives Grenada US$20 million loan

The World Bank is providing Grenada with a US$20 million loan to be used to foster reforms to support fiscal sustainability, strengthen marine and coastal management, and build climate resilience.

Grenada’s Ambassador to the United States and Permanent Representative to the Organization of American States (OAS), Yolande Smith, on Tuesday, signed the agreement for the funds under the Second Resilience and Blue Growth Development Policy Financing.

The agreement was also signed by Abha Prasad, the Acting Director, Caribbean Country Management Unit Latin, American and Caribbean Region at the World Bank.

A Grenada government statement said that the Second Resilience and Blue Growth Development Policy Credit “will realise a US$20 million loan to Grenada, which will be used to foster reforms to support fiscal sustainability, strengthen marine and coastal management, and build climate resilience.

“This signing comes under prior actions taken by Grenada under the programme based on the original agreement, including the approved implementation schedule for the phase-out of single-use plastic food containers, cutlery and plastic straws as evidenced by the Non-Biodegradable Waste Control Act of 2019,” the statement said, noting that the agreement has a 10-year grace period.