• Latest
Kuwaiti Funds agrees to release funding

Kuwaiti Funds agrees to release funding

9 years ago

Weather Bulletin: Monday, 27 June 2 am

4 hours ago
Tropical Storm Chantal

Forecasters monitoring a strong second Tropical Wave 

18 hours ago

Weather Bulletin: Sunday, 26 June 2 pm

20 hours ago
National Cleanup Begins Friday

Tropical wave just over 300 miles east of Grenada

1 day ago
National Monuments Committee Working to Preserve Grenada’s Heritage

Re-envisioning the Grenada National Museum

1 day ago

Weather Bulletin: Sunday, 26 June (8 am)

1 day ago

Weather Bulletin: Saturday, 25 June (8 pm)

2 days ago
AEC statement regarding Covid-19 situation confronting the nation

Statement on 2022 General Elections

2 days ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 24 June 2022

2 days ago
NDC announces 7 candidates

Caribbean leaders congratulate Dickon Mitchell on assuming Grenada PM’s office

2 days ago
National Cleanup Begins Friday

Tropical wave to affect State of Grenada on Sunday

2 days ago
Supervisor of Elections signs agreement with Chief of OAS Observer team

OAS Electoral Observation Mission reports for Grenada General Elections 2022

2 days ago
NOW Grenada
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Kuwaiti Funds agrees to release funding

This story was posted 9 years ago
21 March 2013
in General News
2 min. read
Hon. Gregory Bowen
Share

A senior Government Minister has announced that the Keith Mitchell administration was able to get a suspension of funds lifted, by a major funding agency.

Works Minister, Gregory Bowen, on Thursday announced that the Kuwaiti Fund has agreed to lift a suspension imposed on Grenada since February 2012, after Grenada failed to make payment on outstanding loan agreements.

Bowen said, on coming into office, one of his first order of business was to get an update on the status of the negotiations between the Kuwaiti Fund, used mainly for road construction and Grenada.

He said that Grenada was faced with two dilemmas — “The realization that there was a suspension on the release of funds, and the image that was being painted by a company which was owed millions,” he said.

Technocrats and negotiators in the Ministry were able to obtain a new deal within the last two weeks, and that paves the way for work to begin next month.

Highlighting aspects of the agreement, Bowen said that the new agreement includes the payment of EC$1,000,000 to the Fund this week; approval of a payment schedule to cover $11,000,000 in arrears, and the resumption of a $3,000,000 payment every 6 months.

“A condition of the agreement also involves Grenada paying monies owed to Caribbean Consolidated Contractors (CCC) Limited, on a schedule of $500,000 a month,” he said.

Bowen gave the assurance that Grenada will continue to make payments to the Fund under the new arrangement.

This is welcome news for the approximately 400 workers who lost their jobs, after CCC pulled out of Grenada in 2009 after the Tillman Thomas administration opted to have phase one of the project conclude and phase two returned to the bidding table.

Following international practice and standards, companies submitted proposals for the project and it was again awarded to the CCC.

Bowen says CCC workers will be on the ground in significant numbers by next month, as the project resumes in earnest with the construction of farm roads in various rural communities and villages.

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.
Tags: cccfundgregory bowenjobkuwait
Next Post
Grenada reiterates interest in deepening relations and doing business with the Russian Federation

Grenada reiterates interest in deepening relations and doing business with the Russian Federation

Comment on post Cancel reply

Please enter your valid email address.
Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

[bsa_pro_ad_space id=9 crop=”no” max_width=300]

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.