The world bank has approved financing for Grenada to the tune of 25 million US dollars for the country’s First Recovery and Resilience Programmatic Development Policy Credit.
REPORT:
It’s noted that before the pandemic, Grenada’s steadfast reform path to building economic resilience had attained solid growth, debt sustainability and poverty reduction.
And this financing will help support Grenada’s recovery by promoting a greener and more climate-resilient economy, improving sustainability, and greater accountability of fiscal management.
The project is aimed at assisting in the establishment of comprehensive disaster risk management legislation, to utilizing resources efficiently and effectively, promoting wider use of renewable energy and improving energy efficiency.
In addition, among other things, it will support the Government in strengthening fiscal accountability and mitigating risks to fiscal sustainability, including support for climate change and gender considerations in the budgeting process.
It’s also a matter of building the capacity of Grenada’s statistical system to enable more informed and timely policy-making.
This month, Grenada also received World Bank funding of 15 million US dollars to make the country’s transport infrastructure more resilient to the impacts of climate change and natural hazards.
