• Latest
Richard Duncan to demit FROC chairmanship

Escrow account requirement to safeguard funds earmarked for CBI projects

2 years ago
Health Ministry monitoring reports of Monkeypox outbreak overseas

Health Ministry monitoring reports of Monkeypox outbreak overseas

12 hours ago
Grenada moves a step closer to providing CT scans

Grenada moves a step closer to providing CT scans

12 hours ago
Tanteen Road Closes At Noon

Temporary road closure: Mt Millette Road

12 hours ago
ECTEL Career Opportunity: Managing Director

ECTEL Career Opportunity: Managing Director

17 hours ago
Vacancy: Project and Quality Assurance Assistant

Vacancy: Project and Quality Assurance Assistant

17 hours ago
Actress Aisha Hinds’ epic wedding weekend in Grenada

Actress Aisha Hinds’ epic wedding weekend in Grenada

20 hours ago
No need to panic over shark sightings

Lifeguards commended for excellent service

1 day ago
Joint approach to fighting gender-based violence

Joint approach to fighting gender-based violence

2 days ago
CHORES Returns to Grenada in October

CHORES Group returns to Grenada

2 days ago
International Day for Biological Diversity 22 May

International Day for Biological Diversity 22 May

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

Covid-19 update: Grenada Dashboard 20 May 2022

3 days ago
Cambridge GCE Registration Period

Commonwealth of Learning Skills for Work Programme

5 days ago
NOW Grenada

Main Header Ad 468x60

  • 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

Article Header

Escrow account requirement to safeguard funds earmarked for CBI projects

This story was posted 2 years ago
10 November 2020
in Business, PRESS RELEASE
2 min. read
Richard Duncan
Share

The Government of Grenada is taking decisive action to safeguard funds earmarked for investment in real estate development projects under the Citizenship by Investment (CBI) Programme.

Prime Minister, Dr the Right Honourable Keith Mitchell said the intention is to foster greater accountability and prevent misappropriation.

Addressing local agents and other stakeholders in the CBI sector at the recent Investment Migration Round Table, Dr Mitchell said the integrity of the CBI programme must be protected to ensure its long-term sustainability.

Dr Mitchell said, “To safeguard the sizeable investments made in CBI real-estate development projects, Government has now stipulated the creation of escrow accounts where developers are required to deposit project funds and provide regular reporting on the use of funds and the progress of projects.”

He noted too that the CBI Unit will improve its monitoring mechanisms to ensure that developers deliver as promised. He said, “The CBI Unit has now engaged engineers and accountants, whose respective roles will be to visit project sites regularly to track progress and to audit the escrow accounts and ensure that funds are being used for developing the projects. We are confident that the introduction of this requirement will help to avert the misappropriation of funds that are intended to develop CBI projects.”

Managing Director of Grenada Co-operative Bank Ltd., which organised the recent forum, Richard Duncan said the escrow account is a welcome initiative that will ensure project funds are disbursed according to predetermined criteria.

He said, “An independent audit will take the process a step further to ensure there is full transparency and integrity in the CBI programme. It is a welcome development that ensures that the brand, image and perception of the programme are all protected.

Grenada’s CBI programme allows qualified individuals to gain citizenship through investment in a CBI-approved real estate development project or by making a contribution to the National Transformation Fund.

GIS

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.
Tags: cbicitizenship by investmentgrenada co-operative banknational transformation fundrichard duncan
Next Post

The energy transition: Part 2

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.

Home Sidebar NP 300x250

© 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.