Chinese offer called “golden opportunity’’ for infrastructural development

St. George’s, September 16, 2011 – Grenada’s Works and Physical Development Minister, the Hon. Joseph Gilbert, is excited about a Chinese offer of monetary assistance for regional infrastructural development.

“Grenada and other Caribbean countries now have a golden opportunity to undertake much-needed investment in developing their physical infrastructure,’’ said Hon. Gilbert, who is also the Minister of Public Utilities.

He made the comment on his return from Trinidad where he was part of Prime Minister Tillman Thomas’ joint government/private delegation that attended the Third China-Caribbean Economic and Trade Forum on September 12 and 13.

Minister Gilbert attended the second day of the forum at the invitation of his Trinidad counterpart, the Hon. Jack Warner, Minister of Works and Infrastructure. A Structural Engineer, Mr. Gilbert was specially invited to attend a seminar on “Cooperation in Finance and Infrastructure.’’

China intends to pump more than US$1 billion into the region over the next five years. The package includes a “Special Purpose Fund’’ for infrastructure development, and would be accessible to governments as well as private sector enterprises at competitive interest rates.

As a condition of the loan arrangement, the borrower would be required to contribute 30 percent of the cost of the project to be funded, Minister Gilbert explained.

“It is also a requirement that the project be viable so as to satisfy the loan repayment plan,’’ he elaborated. “I, therefore, want  to encourage our private sector, in particular, to grasp the opportunity provided under this initiative by the Chinese,  to undertake as many major infrastructure development works in  Grenada as practicable; either on their own as private enterprise, or, in partnership with government.’’

Two other special seminars were held simultaneously; one was on “Cooperation in Tourism,’’ which was attended by Grenada’s Tourism Minister, the Hon. Peter David; and another on “Cooperation in Agriculture and Fisheries,’’ which included participation from Minister Denis Lett.

Other government officials in the Prime Minister’s delegation to the China-Caribbean Forum were Foreign Affairs Minister  Karl Hood, and Minister for Finance, Nazim Burke.