Minister Burke signs loan agreement for Feeder Roads Project

WASHINGTON, DC, October 14, 2010 – Grenada and the OPEC Fund for International Development (OFID) have signed a US$8.5 million loan agreement for the second phase of the Agricultural Feeder Roads Project.

The agreement was signed in Washington, DC last Friday by Finance Minister, Nazim Burke and the Director General of OFID, Suleiman Al-Herbish.

The Finance Minister hailed the signing of the loan agreement as “an important development as Government seeks to expedite public sector projects to promote job creation and economic growth”. “Indeed, this was one of the commitments given by Prime Minister Tillman Thomas in his national address on September 7, 2010”.

Mr Burke thanked the OFID for “its continuing support for development of Grenada especially in the transport sector”.

Mr Al-Herbish indicated that OFID is happy to support Grenada in this second phase as it was pleased with the impact of the first phase of the project.

The second phase of this project will cost approximately EC$52 million and provides for the rehabilitation or upgrading of 30.6 kilometres of agricultural feeder roads throughout Grenada. The works will include the rehabilitation or construction of drainage systems, sea defences and bridges.

The other funders of the project are the Kuwait Fund for Arab Economic Development and the Government of Grenada.

Minister Burke was accompanied by Timothy Antoine, Permanent Secretary in the Ministry of Finance, Her Excellency Gillian Bristol, Ambassador to the United States of America and Christopher De Riggs, Director for Private Sector Development in the Ministry of Finance.