Grenada
ALSO KNOW AS
The Spice Isle
LOCATION
The most southerly of the Windward Islands, 135 km (83.8 miles) north of Trinidad and Tobago.
STATUS
Independent – 7 February 1974
HISTORY
Columbus landed on the island in 1498, but the French first settled on the island in 1650. It was alternately ruled by the French and British until 1783 when, under the Treaty of Versailles, the island was ceded to the British. It was joined to the Windward Islands in 1833, and was a part of the West Indies Federation during the period 1958-62. It gained independence on 7 February 1974. The Maurice Bishop Government which came to power in 1979 was toppled by an internal coup in 1983, and an interim government prepared the way for the 1984 elections.
MOTTO
Ever Conscious of God We Aspire, and Advance as One People
CAPITAL
St. George’s
CURRENCY
Eastern Caribbean Dollar (EC$)
AIRPORT
Point Salines International
Country Programme Status
The CAP for Grenada was designed primarily to enhance the competitiveness of the SME sector. At December 31, 2016, the US$4.82 million (EC$13.01 million) CAP consisted of one concessionary loan valued at US$3.0 million (EC$8.10 million) and six grants totalling US$1.82 million (EC$4.91 million). The seven components of the programme include:
Support of Small and Medium Sized Enterprise (SME)
Support of small and medium sized enterprise (SME) development through the provision of a concessionary loan of US$3.0 million (EC$8.10 million) made to the Grenada Development Bank (GDB) for on-lending to the private sector.
At December 31, 2016, CDF had fully disbursed the loan. GDB at the end of 2017, had approved US$3.0 million (EC$8.10 million) in sub-loans.
Support for the Grenada Development Bank (GDB)
Support for the Grenada Development Bank (GDB) through a CDF technical assistance grant of US$0.18 million (EC$0.49 million) for the revision of the Act establishing the GDB, a Change Management Consultancy for the GDB, and technical assistance for SMEs to develop business plans.
The Revised Bank Act was approved by the Board of the Bank and was with the Attorney General for approval.
Strengthening and Facilitating the Certification of the Grenada Bureau of Standards
Strengthening and facilitating the certification of the Grenada Bureau of Standards through a grant of US$0.28 million (EC$0.75 million).
The laboratory equipment was procured and installed with commissioned in 2016 and was operational during 2017.
Initiative to Promote Energy Efficiency
Initiative to promote energy efficiency in the tourism sector through a grant of US$0.3 million (EC$0.78 million) to the accommodation sector was completed in 2015. The initiative, which provided grants to twenty-five firms to retrofit to energy efficient consumption and promote the use of renewable energy sources, was based on a successful collaboration with the Grenada Hotel & Tourism Association (GHTA), GDB and the CDF.
Institutional Support for the Modernization of the Customs and Excise Department and the Procurement of a Boat
Grants of US$0.26 million (EC$0.70 million) and US$0.25 million (EC$0.68 million) for Institutional support for the modernization of the Customs and Excise Department and the procurement of a boat, respectively, to assist with increasing the volume of traded goods that are taxed. The Agreement was signed on December 5, 2016. Procurement was initiated in the last quarter of 2017.
Management Information System
Grant of US$0.25 million (EC$0.68 million) for the creation of a Management Information System public sector database. The fulfillment of the conditions precedent to first disbursement were still to be completed. The process was suspended to allow for agreement on a collaboration with a complementary World Bank finance project.
Provision of a Drying Facility and Marketing Support
Provision of a drying facility and marketing support with a grant of US$0.24 million (EC$0.65 million) was made to the nutmeg industry to improve quality and increase exports.
