Last Updated on December 16, 2019, 11:41 PM AST by Anthony Morris
To support Grenada’s transition to a resilient blue economy the World Bank has approved a US$20 million credit.
The US$20 million was approved by the World Bank Board of Executive Directors on Monday under the Second Fiscal Resilience and Blue Growth Development Policy Credit. The credit policy fosters reforms to support sustainability, strengthen costal and marine management and build climate resilience.
The second operation of a programe series of thetwo IDA credits, deepens support for policy and institutional measures of Grenada to maintain fiscal discipline and diversify the economy towards the blue growth model that is based on well-governed and sustainable use of ocean resources. It includes financial reform measures such as building improving public expenditure management, instituting customs, fiscal buffers and excise reforms, and improving public enterprises transparency.
“The strengthening environmental management and fiscal sustainability are the two critical for building cross-cutting resilience in Grenada,” said World Bank Director for the Caribbean, Tahseen Sayed. “Preserving and protecting the rich ocean and marine resources is an essential for the country’s successful transition to a blue economy and to boost the coastal tourism, which contributes 24% to GDP of the country. He said that the World Bank is committed on its aim to expanding its support for the Caribbean’s transition to a sustainable blue economy.”
This operation also supports Grenada Government’s measures for creating better environment and management of natural resources, including inclusion of environmental sustainability requirements in public procurement and integrated coastal zone management and. The most important policy measure is the ban of Styrofoam food containers, and the phase out of single-use plastic shopping bags and disposable utensils. The plastic pollution represents one of main environmental challenges in the Caribbean which is polluting watersheds, the ocean, coastal areas and poses a threat to ocean biodiversity and the tourism development.
The US$20 million credit operation is financed by the International Development Association, the concessional financing arm of the World Bank. The credit has 40-year maturity and a grace period of 10 years.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
