The Inter-American Development Bank through the Caribbean Development Bank has agreed to provide Grenada with a soft loan of US$8.95 million for the country to use as a stimulus package for people who have been marginalised by the impact of the Covid-19 pandemic.
Disclosing some of the terms and conditions of the funding which is under the Bank’s Covid-19 economic recovery initiative Grenada’s Prime Minister Dr. Keith Mitchell said that it will be at a variable interest rate of about 2.06% with a 5-year grace period and a repayment period of more than 20 years.
Dr Mitchell who previously served as the finance minister said that currently, the Ministry of Finance is working very closely with the Caribbean Development Bank to finalise the policy, proposals and format that will be used to implement the initiative.
Individuals and small businesses are expected to benefit from the initiative. Disbursements are expected to begin in August/September, and while some will receive grants, others will be granted loans.
