The Government of Grenada is taking decisive action to safeguardย funds earmarked for investment in real estate development projects under the Citizenshipย by Investment Programme.
Prime Minister, Dr. the Right Honourable Keith Mitchellย said the intention is to fosterย greater accountability and prevent misappropriation.
Addressing local agents and other stakeholders in the CBI sector at the recent Investmentย Migration Round Table, Dr. Mitchell said the integrity of the CBI programme must beย protected to ensure its long-term sustainability.
Dr. Mitchell said, โTo safeguard the sizeable investments made in CBI real-estateย development projects, Government has now stipulated the creation of escrow accountsย where developers are required to deposit project funds and provide regular reporting onย the use of funds and the progress of projects.โ
He noted too that the CBI Unit will improve its monitoring mechanisms to ensure thatย developers deliver as promised. He said, โThe CBI Unit has now engaged engineers andย accountants, whose respective roles will be to visit project sites regularly to track progressย and to audit the escrow accounts and ensure that funds are being used for developingย the projects. We are confident that the introduction of this requirement will help to avertย the misappropriation of funds that are intended to develop CBI projects.โ
Managing Director of Grenada Co-operative Bank Ltd., which organised the recent forum,ย Mr. Richard Duncan said the escrow account is a welcome initiative that will ensureย project funds are disbursed according to predetermined criteria.
He said, โAn independent audit will take the process a step further to ensure there is fullย transparency and integrity in the CBI programme. It is a welcome development thatย ensures that the brand, image and perception of the programme are all protected.
Grenadaโs CBI programme allows qualified individuals to gain citizenship throughย investment in a CBI-approved real estate development project or by making a contributionย to the National Transformation Fund.
