Grenada receives 7-year grace period on Saudi loan

2031 will be the start date of repayment on the US$100 million loan Grenada recently obtained from the Saudi Fund for Development. Finance Minister Dennis Cornwall signed the agreement in October 2023 while attending the World Bank–International Monetary Fund meeting in Morocco.

Cornwall said that terms and conditions provide for the loan to be repaid in 25 years and the grace period will be 7 years. The interest rate will be 1.5%.

“This is a concessional interest rate,” Prime Minister Dickon Mitchell said during a news conference on Monday. “The money is not being channelled through any financial institution in the region. The loan agreement is a loan agreement between the Government of Grenada and the Saudi Fund for Development.”

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