Boosting Grenada’s Healthcare: CDB and EIB Announce Major Funding Initiative

Boosting Grenada’s Healthcare: CDB and EIB Announce Major Funding Initiative

(IN BRIEF) Grenada’s healthcare infrastructure is set to undergo a significant transformation with a US$ 9,970,500 loan from the Caribbean Development Bank (CDB), financed by the European Investment Bank (EIB). The project, launched in St. George’s, Grenada, aims to strengthen the health sector by investing in medical and non-medical equipment, capacity building for healthcare workers, vaccine delivery, and healthcare facility construction. This initiative, supported by the EIB’s Climate Action Line of Credit II – COVID-19 component, underscores the commitment to enhance Grenada’s healthcare resilience in response to the pandemic and future health emergencies. With strong support from the EU and the CDB, Grenada’s healthcare system is poised for significant improvement, aligning with the broader efforts to promote Universal Health Coverage and combat current and future health threats in the region.

(PRESS RELEASE) LUXEMBOURG, 26-Feb-2024 — /EuropaWire/ — Grenada’s overall health infrastructure is to receive a major boost from a US$ 9 970 500 loan from the Caribbean Development Bank (CDB), financed by the European Investment Bank (EIB). The health sector strengthening project was launched at a function in the Grenadian capital, St George’s on Friday 23 February.

Funds will be used to purchase medical and non-medical equipment and general supplies. provide capacity building and specialised medical and health training for healthcare workers, the cost of delivery of vaccines and vaccination campaigns, and supply chain management and warehousing within Grenada’s healthcare system. The project will also include construction and reconfiguring of some healthcare facilities.

Financing is being provided under the EIB Climate Action Line of Credit II – COVID-19 component, under which the institution is aiming to bolster the region’s health systems in the wake of the pandemic with concessional financing through backing from the European Union (EU).

CDB’s Division Chief, Social Sector Division, Dr Martin Baptiste, said the investment will enhance the health sector’s capacity for the provision of care by boosting response and resilience to the impacts of COVID-19 and increase the preparedness and capacity to respond to future health emergencies in Petite Martinique, Carriacou and Grenada.

“This project responds to the needs of healthcare workers but more importantly, the needs of the citizens of the tri-island state. This project is about you. Urgent action is needed, and this project is one of the Government’s main avenues to respond. We want to assure you of CDB;/s unwavering commitment as you work towards the development outcomes you have defined,” Dr Martin Baptiste said.

Ambassador Malgorzata Wasilewksa of the EU Delegation to Barbados and the Eastern Caribbean States, the OECS and CARICOM/CARIFORUM, said, “The EU continues to advocate for Universal Health Coverage and prioritises combatting current and future health threats in Grenada and the rest of the region. The programme being launched will continue to enhance the lives of Grenadians and build up on previous actions by strengthening the country’s health system resilience and mitigating against the impact of COVID-19, as well as preparing Grenada for future health emergencies.”

EIB Representative for the Southern and Eastern Caribbean, Ms Kristina Eisele, said, “Investing in health is vital for people and the economy. We are proud to support this project, which will have a lasting impact on people’s lives in Grenada, providing for their immediate healthcare needs and strengthening resilience to future health crises.”

Grenada’s Minister for Health, Hon. Philip A. Telesford, said, “Our commitment extends beyond brick and mortar; it embraces the pulse of every citizen, the rhythm of every heartbeat seeking solace in better and more accessible health services for all our citizens and the components of this project, as meticulously crafted, are the keystones of our aspirations. It is my profound belief that with strong will, desire, and commitment, this project will echo through time, touching lives, healing wounds, and igniting hope for a responsive and resilient health sector.”

Investing in strengthening healthcare around the world is one of the pillars of the EU’s Global Gateway strategy, in which the EIB is a key partner. Other CDB member countries benefitting from support are Saint Lucia and Saint Vincent & The Grenadines. A US$ 9.86 million project to boost Saint Lucia’s health care system was launched earlier in February; a similar initiative is planned for Saint Vincent & the Grenadines in March.

Background information

About EIB Global

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices around the world.

About Global Gateway

Global Gateway is the European strategy to boost smart, clean and secure links in digital, energy and transport sectors, and to strengthen health, education and research systems across the world. Through a ‘Team Europe approach’, Global Gateway brings together the EU, its Member States and their financial and development institutions to mobilise the private sector to leverage investments for a transformational impact. It aims to mobilise up to €300 billion in investments. Global Gateway is fully aligned with the UN’s Agenda 2030 and its Sustainable Development Goals, as well as the Paris Agreement.

About the Caribbean Development Bank

The Caribbean Development Bank is a regional financial institution established in 1970 for the purpose of contributing to the harmonious economic growth and development of its Borrowing Member Countries (BMCs). In addition to the 19 BMCs, CDB’s membership includes four regional, non-borrowing members (Brazil, Colombia, Mexico, and Venezuela) and five non-regional, non-borrowing members (Canada, China, Germany, Italy and the United Kingdom). CDB’s total assets as at December 31, 2022, stood at US$3.46 billion (bn). These include US$2.06 bn of Ordinary Capital Resources and US$1.40 bn of Special Funds Resources. The Bank is rated Aa1 Stable by Moody’s, AA+ Stable by Standard & Poor’s and AA+ Stable by Fitch Ratings. Read more at caribank.org.

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SOURCE: European Investment Bank