ST. GEORGE’S, Grenada, CMC—The Chairman of the Citizenship by Investment (CBI) Unit, Richard Duncan, says Grenada has EC$54.6 million (One EC dollar = US$0.37 cents) in its contingency fund at the St. Kitts-based Eastern Caribbean Central Bank (ECCB).
The Fund reflects the government’s deposit of 10 percent of the monthly revenue inflow earned through the National Transformation Fund of the Citizenship by Investment program.
Under the CBI program, foreign investors are granted citizenship of the country in return for making a substantial investment in the socio-economic development of Grenada.
Duncan said that since 2023, the government has begun putting real money into a contingency fund, which is a requirement of the Public Finance Management Act.
“Previously, the law said 40 percent must go into that contingency fund, not a black cent went in…since 2014. From 2022, it was reduced to 10 percent, and it has been lodged at the ECCB to the aggregated total now of EC$54.6 million,” Duncan said in an interview on the weekly The Bubb Report program on Sunday.
“It’s a buffer fund; even Hurricane Beryl was not a sufficient disruption to draw down on that money; it has to be a major economic shock,” Duncan said.
According to recent data released by the Investment Migration Agency, the agency responsible for administering the CBI program, the government’s revenue from the CBI program in 2024 was EC$472,981,142.
According to the NTF regulation, a board of directors manages the Fund. The money in it can meet the obligation under regulation 9, which states, “In every financial year, the Board shall allocate the first 24 million dollars of payments into the Fund to the Consolidated Fund for the sole purpose of payment of budget expenditure arrears.”
The Contingency fund can also be used to reduce budget expenditure arrears, meet the Fund’s objective of restructuring, repaying, or repurchasing debt, or provide relief from a national disaster.
The NTF regulations also state that the Fund cannot be used to borrow or take on any contingent liability in the form of a guarantee or otherwise.
“The Fund shall not be used to lend money to the Government of Grenada, any State-Owned Enterprise or any Statutory Body,” it notes.
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