The Government of Grenada and the CARICOM Development Fund (CDF) will, on Monday 28 October, 2013, sign an Agreement for a Country Assistance Programme (CAP) for Grenada in the amount of EC$ 15.74 million (US$5.83 million).
The Signing Ceremony will be held at the Ministry of Works Conference Room at 8:30 a.m. The Agreement will be signed by Dr. the Rt. Hon. Keith Mitchell, Prime Minister and Minister of Finance and Energy of Grenada and Ambassador Lorne Mc Donnough, Chief Executive Officer of the CDF.
The Country Assistance Programme will be focused on the following four areas:
ü Component 1: A Line of Credit to the Grenada Development Bank for on-lending to Small and Medium Size Enterprises;
ü Component 2: Technical Assistance to the Grenada Development Bank (GDB) for the preparation of Business Plans for Small and Medium size Enterprises (SMEs). The GDB will have to work closely with the Business Development Centre of the Grenada Industrial Development Corporation to implement this programme for the SMEs;
ü Component 3: Standards, Metrology and Certification. This will be implemented through the Grenada Bureau of Standards; and
ü Component 4: Energy Development with particular emphasis on energy efficiency in the tourism sector. This particular component involves direct grant assistance for the implementation of Energy Plans for the Hotel Sector in partnership with the Grenada Hotel and Tourism Association (GHTA).
This Country Assistance Programme (CAP) is consistent with and supportive of the priorities of the Government of Grenada (GOG) as articulated in the 2013 Budget Speech. In its efforts to stimulate economic growth and development, the Government of Grenada is targeting several areas including:
- World Class services especially in Tourism;
- Sustainable Development;
- Developing Agriculture along the value chain;
- Creating an efficient Light Manufacturing Sector; and
- Enabling a dynamic Export Sector.
The CAP will provide support in the areas of tourism, agriculture and manufacturing.
The CAP process began in Grenada in July 2012, when CDF engaged private sector entities, civil society organisations, education institutions, Associations, Government officials, statutory bodies and key experts. Its main objective is to strengthen Grenada’s production capacity to respond to the impact of increasing levels of competition facing its producers in the domestic market, through providing lower cost capital to SMEs, improving production standards to international levels and providing the basis to lower energy cost.
The CAP is consistent with the principle of promoting the development of competitive Micro and Small Enterprises and strengthening the disadvantaged countries within the CSME indicated under Articles 53 and 158, of the Revised Treaty of Chaguaramas.