US$5.83 Million Agreement Signed Between CDF And The Government of Grenada

The Government of Grenada became the lates t beneficiary of the CARICOM Development Fund’s (CDF) Country As s is tance Programme (CAP) this week when an agreement for EC$15.74 million (US$5.83 million) was signed to provide support in the areas of tourism, agriculture and manufacturing.

Taking part in the ceremony were Grenada’s Prime Minister, Dr. the Rt. Hon. Keith Mitchell, the Chief Executive Officer of the CDF, Ambassador Lorne T. McDonnough and the Hon. Oliver Josephs, the Minister of Economic Development, Trade planning and Cooperatives.

The agreement will focus on four areas including a line of credit to the Grenada Development Bank (GDB) for lending to small and medium size enterprises (SMEs); technical assistance to the GDB for the preparation of business plans for the SMEs and standards, metrology and certification to be implemented through the Grenada Bureau of Standards.

Funds will also go towards energy development with particular emphasis on energy efficiency in the tourism sector and will involve direct grant assistance for the implementation of energy plans for the hotel sector in partnership with the Grenada Hotel and Tourism Association (GHTA).

Ambassador McDonnough pledged the CDF’s commitment to support the Government of Grenada’s programmes and told Prime Minister Mitchell: “We will work closely with your designated officials in ensuring that in implementing these programmes they receive all the assistance necessary for successful outcomes.”

He also explained that the CDF had a prescribed function established in the Revised Treaty of Chaguaramas – a function which the Less Developed Countries insisted must be effectively discharged as a pre-condition for the CSME.

“The CDF has made significant progress in executing this mandate but the work has just begun. The CDF is not a short term project. Going forward, there must be recognition of the advances made and the real potential to provide enhanced support to CDF Member States.

“This requires a mutually reinforcing partnership in which Member States not only recognise and fully appreciate the CDF‘s potential but advocate on its behalf. I do recognize your guiding hand during the formative stages of the CDF and, therefore, count on your personal advocacy as well as that of the Government of Grenada,” Ambassador Mc Donnough added.