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Kuwaiti Fund lifts suspension imposed on Grenada
Published on March 22, 2013 Email To Friend    Print Version

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.
 
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Comments:

Marryshow:

The above CCC deal spoken of by the works minister, came as no surprise to Grenadians. The NNP while in opposition did everything they could to frustrate this project, it was clear for all to see that they had no interest in this project starting prior to the feb 19th election.

now after much political maneuvering behind the seen with the CCC... it has now come to light as early as one month after the election why the CCC was always unwilling to struck a deal with the last government.

This project should have been started months ago since the bid was awarded to the CCC but rather than start the project decided to hold the past administration at ransom for monies owing which had noting to do with the current contract.

Now, tell me which country in the world will continue to repay a loan with interest for a project that fail to kick off due no fault of the government. It is the responsibility of the Kuwaiti fund and their contractors (CCC)to expedite the terms of the contract within the stipulated timeframe.

Finally, I just hope that the current terms of the contract will remain in tact so that Grenada will benefit as it relates to value for money.

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