ST. GEORGE’S, GRENADA: September 2nd, 2025 – The Grenada Development Bank (GDB) has taken another significant step in strengthening access to renewable energy/energy efficiency financing to support Small and Medium Enterprises (SMEs).

The GDB recently signed the Credit Risk Abatement Facility (CRAF) Master Guarantee Agreement with the CARICOM Development Fund (CDF) during the Afri-Caribbean Trade and Investment Forum 2025.

General Manager Royston Cumberbatch signed on behalf of the GDB, and Mr. Rodinald Soomer, Chief Executive Officer of the CDF, signed on behalf of the regional institution.

This agreement marks the GDB’s formal participation in the Credit Risk Abatement Facility, an initiative established by the CARICOM Development Fund to incentivise additional lending by financial institutions to support renewable energy (RE) and energy efficiency (EE) investments across CDF Member States. With a specific focus on SMEs in all sectors, the facility will play a critical role in reducing greenhouse gas emissions, lowering energy costs for businesses, promoting greater energy independence and stronger economies in the region.

The Credit Risk Abatement Facility operates through three-pillars:

• Credit Risk Instrument (CRI): A suite of credit enhancement products, commencing with a partial guarantee mechanism that reduces the perceived risks for financiers lending to RE and EE projects.
• Technical Assistance Program (TAP): Offers capacity-building, helps SMEs develop bankable projects and equips financial institutions with the skills to assess and finance those projects.
• Monitoring and Evaluation (M&E) Framework: Ensures accountability, transparency, and data-driven decision-making throughout project implementation.

Speaking on the significance of the agreement, GDB General Manager Royston Cumberbatch noted, “This partnership with the CDF under the CRAF is a strategic and timely move that aligns perfectly with GDB’s commitment to sustainable development, business growth, and green innovation in Grenada. It strengthens our capacity to empower SMEs to invest in clean energy, become more resilient, and remain competitive.”

“Through the Credit Risk Abatement Facility, we aim to remove the financial barriers that often hinder SMEs from embracing renewable energy and energy efficiency solutions. GDB’s commitment to this initiative is a powerful demonstration of leadership in sustainable development, and we are proud to partner with them in driving a more resilient and low-carbon economy for Grenada and the wider CARICOM region” said Rodinald Soomer, Chief Executive Officer, Caribbean Development Fund. “Today’s activity does not just mark a milestone—it is a potential game-changer for Grenada’s Small and Medium-sized enterprises (SMEs), its financial sector, and its climate and economic resilience agenda. With the signing of this MGA, we lay the groundwork for a future where sustainable energy is not a privilege for a few, but a driver of growth for all,” he continued.

The Grenada Development Bank now joins a network of financial institutions across the region in fostering a low-carbon, climate-resilient economy. SMEs in Grenada can now look forward to more accessible financing options for sustainable energy investments, paving the way for greener, more cost-effective operations.

About the Grenada Development Bank – The Grenada Development Bank (GDB), established in 1965, plays a vital role in Grenada’s economic development by providing financial and technical assistance across key sectors such as agriculture, tourism, housing, small business, and human resource development. The organization offers a wide range of services including education and business loans, climate financing, and financial advisory support.

Please contact Ria Murray, Communications Officer at 440-2382, ext. 271 for media inquiries or additional information.

About the CARICOM Development Fund – The CDF established in 2008 is a regional financial institution in the Caribbean Community (CARICOM) mandated to provide technical and financial assistance to disadvantaged countries, regions and sectors participating in the CARICOM Single Market and Economy (CSME). The CDF is committed to providing effective, efficient and sustainable solutions that address the challenges faced by its member countries by delivering innovative solutions aimed at reducing intra-regional disparities through effective partnerships and the provision of tailor-made solutions aimed at building resilience and accelerating sustainable economic development in the Caribbean Community. The CDF is based in Barbados.