ST GEORGES, Grenada -- The government of Grenada has concluded a comprehensive agreement to restructure its US$36.6 million (EC$98.8 million) indebtedness to the Export-Import (ExIm) Bank of Taiwan. This landmark agreement, which reduces the principal outstanding on the loan by 50 percent, resolves Grenada’s dispute with ExIm Bank and puts an end to the bank’s legal proceedings in the New York courts. Under the terms of the agreement, the reduced 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 predetermined period should a natural disaster compromise the government’s ability to service debt in a timely manner in the future.
Posted on: Thu, 08 Jan 2015 03:09:50 +0000
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