IDA Earmarks USD65 Million for Grenada

US currency

Grenada stands to receive more than USD60 million over a 3 year period from the International Development Agency (IDA) funds available for Small States to address climate change, natural disasters, energy and other areas.

That level of support for Grenada was highlighted during a recent meeting between World Bank President Dr Kim Jim, Prime Minister Keith Mitchell and an IDA representative. There is a 50% increase in funds from the IDA, from USD50 billion to USD75 billion for Small States eligible for IDA.

Dr Mitchell updated the media during a recent Post Cabinet briefing. “Grenada is now going to have available USD65 Million over the next 3 years for each section of the programme for Small States. And what is said is, based on the level of monies available for Small States, if we perform well, there can even be more US dollars for Grenada.”

During the meeting, the IDA representative said they can front load, meaning Grenada can get 80% of the USD65 million as soon as possible.

“It means that we can get, if we move fast, USD52 million as soon as possible. In addition, you have to come up with projects. But they are now saying you can get half of that for budgetary support. And one of the things that are being stressed is, the reason you are finding this, Prime Minister, is because of what you (Grenada) have done. You have followed a programme, you have shown that you are prepared. So, we’re now saying because you have done this, we are prepared to go the extra mile with you,” Dr Mitchell said.

Dr Mitchell, who is also the Chair of the Small States Forum, says all this is testimony to that fact that Grenada continues to be a shining example for many countries. “In the Caribbean region, I could tell you, the message out there is – ‘You better do what Grenada is doing. Because, with all the challenges outside there, unless we show them that we are prepared to make the sacrifices as a people, others would not come forward to make the sacrifice to help you.”

GIS

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