Grenada (Loop News) – The World Bank’s Board of Executive Directors approved the financing of US$25 million for Grenada’s First Recovery and Resilience Programmatic Development Policy Credit. Before the pandemic, Grenada’s steadfast reform path to building economic resilience had attained solid growth, debt sustainability and poverty reduction.
However, the COVID-19 pandemic caused massive socio-economic impacts, which are expected to exacerbate the pre-existing vulnerabilities of Grenada as a small island developing state.
The financing will help support the country’s recovery by promoting a greener and more climate-resilient economy, improving sustainability, and greater accountability of fiscal management.
“While COVID-19 has slowed growth, the Government of Grenada continues to work to enhance climate resilience, diversify the economy and encourage inclusive growth.” said Lilia Burunciuc, World Bank Country Director for Caribbean countries.
“The country is poised for sustainable recovery by including a sound disaster risk management framework, increased digitalisation and wider use of renewable energy in this operation.”
The project will assist in establishing a comprehensive disaster risk management legislation to utilise resources efficiently and effectively, promote wider use of renewable energy and improve energy efficiency.