Approximately 2 months after the Government sought authorisation from the Lower and Upper Houses of Parliament to borrow US$100 million from the Saudi Fund for Development (SFD), Finance Minister Dennis Cornwall signed the loan agreement with the Fund.
The signing took place on the sidelines of the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund held in Marrakech, Morocco, from 9-15 October. This is Grenada’s first loan from SFD and as a result, the country has become the 91st nation to receive financial assistance from SFD.
According to a news item on the Arabnews website, the loan is expected to help develop climate-smart infrastructure in St George’s, Grenville, and neighbouring areas in Grenada.
