China Pledges Further Financial Assistance To Grenada

by Amanda Banks, Tax-News.com, London

13 July 2005

It has emerged that China is to give Grenada more financial assistance to help the Caribbean island overcome the disastrous effect of Hurricane Ivan, following talks between Prime Minister Dr. Keith Mitchell and senior figures from the Chinese government last week.

As a result of the talks between Dr Mitchell and Vice-President H.E. Zeng Qing Hong and Chinese Premier H.E. Wen Jia Bao, China will now provide more assistance to help Grenada service its foreign debt as well as funding for technical support.

Prime Minister Mitchell told the Chinese Premier that Grenada needed special help because of the impact of Hurricane Ivan, which tore through the island in September last year. Prior to that event, Grenada had, according to Dr Mitchell, enjoyed its most economically prosperous period, with growth rates consistently exceeding 5%. However, the hurricane, one of the most powerful on record, reversed this growth literally overnight.

Vice-President Zeng Qing Hong pledged to continue supporting Grenada economically during the long process of reconstruction.

Three cooperation agreements were signed on Friday between Chinese officials and Grenada’s Sports Minister Adrian Mitchell. These agreements focused on tourism exchange, construction of the national stadium, technical cooperation and the establishment of a Grenadian embassy in Beijing.

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