Grenada Gets Another $10 Million Loan

Hardbeatnews, WASHINGTON, D.C., Thurs. June 30, 2005: A $10 million loan, designed to finance the revitalization of businesses and reconstruction of roads and bridges in Grenada,  was yesterday approved by the Inter-American Development Bank.

The loan from the Fund for Special Operations is for a 40-year term, with a 10-year grace period, at a 1 percent interest rate during the grace period and a 2 percent rate thereafter.

The IDB’s charter enables it to assist small, vulnerable island states of the Caribbean through loans administered by the Caribbean Development Bank.

Grenada, with a population of a little over 100,000, is still trying to “build back better,” after it about 90 percent of the building structures on the island were damaged and the main productive sectors, agriculture and tourism, were crippled follwing last year’s hurricane Ivan. –