Just the Facts

Share the facts about what NNP has has done and will continue to do to ensure that Grenada keeps moving forward.

Local, Regional and International Leadership

Increased allocation under the World Bank’s IDA

Through advocacy on behalf of the over 50 Small States in the world, Grenada is benefiting from an increased allocation under the World Bank’s International Development Association (IDA) 18th replenishment,which is being front loaded and fast tracked, so that Grenada is getting more of our total IDA allocation of US$67.0 million much sooner than we would have otherwise.

Through Prime Minister Dr. the Right Honourable Keith Mitchell, Grenada’s leadership roles as Chair of CARICOM, the Caribbean Development Bank, the World Bank’s Small States Forum, and lead country for Science and Technology under CARICOM, Grenada has been able to leverage benefits, not only for ourselves, but for the region as a whole.

Hurricane Relief and Climate Change

Grenada has also been called upon to lead the charge to ensure that our Island Neighbours affected by recent Hurricanes, Irma and Maria, get the requisite assistance for their rebuilding efforts, and in the process, forge support for our own climate change challenges.

  • As a result of our collaborative advocacy at the regional level, the World Bank and other institutions are prepared to modify the rules on grant financing to countries hit by hurricanes; thus, ensuring that concessional financing go to those countries that need it, rather than on the basis of GDP per capita.
  • Furthermore, Grenada has also pioneered a hurricane clause at the IMF level, which provides the country with a moratorium on its debt repayments for 6 to 12 months in the event of a hurricane.  The IMF is encouraging other countries to advocate similar clauses.
  • The European Investment Bank and the Caribbean Development Bank have also set up an emergency post-disaster reconstruction financing initiative to help the Region recover from recent hurricane events. This amount is an addition to the May signing of the USD 120 million Climate Action Loan for the Caribbean.
  • Grenada’s leadership of the Small States Forum and CARICOM has also allowed us to work with Sir Richard Branson and major global private sector entities on a dedicated initiative for the Caribbean to help create the World’s First Climate Smart Zone. This is an $8 Billion initiative for the region in which, on 21st November at our CARICOM - UN Donors Pledging Conference, over $1.4 billion dollars were raised.

The hurricane affected countries will be the first to benefit. The key areas of benefits for Grenadians and others in the region   would include:

    • construction of more resilient homes and infrastructure;
    • cheaper electricity from renewable energy;
    • sustainable coastal development;
    • climate-Smart agriculture and better security arrangements following hurricanes.

Global Blue Growth Network

Finally, Grenada has been leading an initiative called the Global Blue Growth Network, which will see Grenada as host country for the Blue Innovation Institute which, as of 4th December, would have commenced regional training in Aquaculture as part of a contract with FAO.

  • Other partnerships will see Grenada and the Institute becoming a hub for training young people in new skills related to the coastal economy;
  • while making Grenada a hub for innovation and for investment in sustainable development of our Coast and marine space, which is 75 times larger than the entire land mass of Grenada, Carriacou and Petit Martinique.
  • If Grenada and other countries harness this properly, the OECD anticipates that this could be one of the fastest areas of growth; generating more jobs than other sectors in the lead up to 2030.

Grenada’s leadership in recent months has been focused mostly on climate change and building resilience, given the havoc wreaked by natural disasters on small and vulnerable countries of the Caribbean and further afield in recent years, and for the Caribbean, especially in 2017.

Grenada had its share of Hurricanes, with Ivan in 2004 and Emily in 2005, and the Government believes that it is incumbent on Us to go the extra mile to help our Neighbours who all came to Grenada’s aid in the aftermath of those hurricanes, helping us to build back better.

As a result, Grenada has taken up a global leadership role, which is helping to attract investment and jobs to our Tri-Island state of Grenada, Carriacou and Petit Martinique.

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