Grenada’s Spice Sector Gets Financing Assistance from CARICOM Development Fund
Grenada’s Prime Minister Dr. Keith Mitchell and chief executive officer of the CARICOM Development Fund (CDF) Rodinald Soomer have signed a grant agreement aimed at enhancing export capacity and value-added in the island’s spices sector.
The immediate beneficiary company, West India Spices, has been awarded a grant of US$244,000. The grant, according to Soomer, will help to increase drying and grinding capacity based on the use of renewable power sources that will facilitate all weather production of value-added nutmeg-based products for export.
Under the first funding cycle of the CARICOM Development Fund (CDF) for which all funding commitments were approved at the end of 2015, Grenada received approval for seven projects totaling US$4.76 million – US$3 million in concessional loans and US$1.76 million in grants.