ST GEORGE’S, Grenada (GIS) — The Kuwaiti Fund has agreed to lift a suspension imposed on Grenada following negotiations led by the country’s works minister, Gregory Bowen.
An agreement has been reached between the new administration of Prime Minister Dr Keith Mitchell and the Fund that paves the way for work to begin next month.
Bowen said highlights of the new agreement include a one million dollar payment to the Fund this week, a payment schedule to cover 11 million dollars in arrears, and the resumption of a three million dollar payment every six months.
A condition of the agreement also involves Grenada paying monies owed to Caribbean Consolidated Contractors Limited on a schedule of half a million dollars a month.
The Kuwaiti Fund suspended disbursements to Grenada in February last year after the Tillman Thomas Administration failed to make overdue payments on four loans.
Bowen said Grenada will continue to make payments to the fund under the new arrangement and that workers will be on the ground in significant numbers by next month as the project resumes in earnest.
The project involves the construction of about ten roads.