ST. GEORGE’S, Grenada, CMC – The Grenada parliament Tuesday gave the green light to the decision of Finance Minister Dennis Cornwall for the country to join the Development Bank of Latin American and Caribbean (CAF) more than one year after he had signed the agreement in Washington for Grenada to become a series C shareholder.
Parliament approved the “Agreement on Immunities, Exemption, and Privileges between the Corporación Andina De Fomento and Grenada Bill 2025” with little debate after the Leader of Government Business, Phillip Telesford, presented it.
Phillip told legislators that the bill would provide for the retroactive commencement of the Act on April 17, 2024, and for all monies required to be paid by the Grenada government to meet its obligations under the agreement to be charged to the Consolidated Fund.
The CAF, which has its Caribbean regional headquarters in Trinidad and Tobago, will be exempt from complying with the Stamp Act, the Income Tax Act, the Property Tax Act, the Excise Tax Act, the Value Added Tax Act, the Property Transfer Tax Act, the Banking Act, and the Aliens (Land-Holding Regulation) Act.
“Notwithstanding subsection (1), the Corporation and its officers and employees are hereby exempted from the payment of customs duties and other import-related charges, including customs service charges and environmental levies, to the extent provided under Article 5 of the Agreement on Immunities, Exemptions, and Privileges,” said the legislation which Lennox Andrews, the Economic and Planning Minister, and Cornwall supported.
Andrews said that before Grenada became a member of CAF, the island benefited from an EC$50,000 (One EC dollar = US$0.37 cents) grant, which provided financial support to the 2023 initiative called “Unleashed,” organized and coordinated by the Office of the Creative Industries.
Cornwall said that Grenada’s membership in CAF would allow it to borrow money from the institution at concessionary rates to assist in the country’s development.
“We are likely to get dividends from that investment,” he added.
Grenada’s subscription share price is US$4,998 000, covering 325 series “C” shares. As a Series C shareholder, Grenada will be able to access the technical, financial, and knowledge services offered by the bank to its member countries to improve the quality of life of citizens.
Last weekend, Antigua and Barbuda became the latest Caribbean Community (CARICOM) country to become a full member of CAF after the Gaston Browne administration finalized its status as a “Series C Shareholder. “This unlocks access to agile, flexible, and innovative financing to support sustainable and inclusive national development initiatives, CAF said.
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