The $100 million loan deal was signed by H.E. Sultan Al-Marshad, Chief Executive Officer of SFD, and Hon. Dennis Cornwall, Minister of Finance of Grenada. The grant will be utilized to build the "Climate Smart Infrastructure Project," making it the 91st country to receive SFD funds for development initiatives. The agreement was signed on the margins of the 2023 World Bank Group and IMF Annual Meetings in Marrakech, Morocco.
The development loan will help to develop climate smart infrastructure in the towns of St. George, Greenville, and their neighboring areas. The project will include constructing breakwaters, developing water and sewage networks, modernizing and developing the sewage treatment system, and using remote sensors to monitor air pollution. These measures will help to make Grenada more climate-smart and environmentally friendly, while contributing towards improving both the quality of life and the health of the local population, as per gccbusinessnews.
Furthermore, the initiative will contribute to the achievement of the United Nations' Sustainable Development Goals (SDGs), notably SDG 11, Sustainable Cities and Communities, and SDG 13, Climate Action.
The financed project in climate-smart infrastructure will benefit the local population's health and well-being, as well as generate direct and indirect job opportunities that will contribute to the country's socioeconomic progress. The initiative also demonstrates SFD's commitment to reducing climate change through innovative and ecologically responsible solutions.
The inked agreement is part of SFD's global efforts to assist environmental sustainability and development in Grenada, underdeveloped nations, and Small Island underdeveloped States (SIDS). SFD has undertaken over 700 development projects and programs in over 90 countries since its inception in 1974.