Further details on the agreement reached between Grenada and Taiwan’s Export Import Bank have been made public. A communiqué from the Government Information Service earlier said a comprehensive agreement to restructure Grenada’s $98.8 million E.C dollar debt with the Export-Import Bank (EXIM) of Taiwan, had been reached. It reduces the principal outstanding on the loan by 50%, resolves Grenada’s decade-long dispute with EXIM and puts an end to the bank’s legal proceedings in the New York courts. Under the terms of the agreement, the post-haircut balance on the loan will be repayable over 15 years–including a grace period of three and a half years–at an interest rate of 7-percent. The agreement also includes a ‘hurricane clause’, which will allow Grenada to defer payments for a pre-determined period should a natural disaster compromise the government’s ability to service debt in a timely manner.
Posted on: Thu, 08 Jan 2015 15:36:48 +0000
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