Grenada Secures $100 Million Loan from Saudi Fund for Development
Grenada has signed a $100 million loan agreement with the Saudi Fund for Development (SFD), following approval from its Parliament two months ago. Finance Minister Dennis Cornwall signed the agreement during the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund in Marrakech, Morocco.
This marks Grenada’s first loan from the SFD, making it the 91st country to receive financial assistance from the fund. The loan aims to support the development of climate-smart infrastructure in towns like St. George’s, Grenville, and neighboring areas in Grenada.
The project includes the construction of breakwaters, the development of hydro and sewage networks, modernization of the waste treatment system, and the use of remote sensors to monitor air pollution, contributing to Grenada’s environmental sustainability and climate resilience.
The SFD highlighted that this assistance is expected to create both direct and indirect employment opportunities in the region. It also underscores the SFD’s commitment to mitigating climate change through environmentally friendly projects
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