NEWS RELEASE

More Funding For School Rehabilitation

Tuesday June 5, 2007, St. George’s: The Government of Grenada has secured additional financing for the ongoing programme of post-hurricane rehabilitation and reconstruction of schools.

This announcement was made by the new Minister of Economic Development and Planning following his participation in the 37^th meeting of the Board of Governors of the Caribbean Development Bank held in the Venezuelan Capital, Caracas, on May 30 and 31.

The Minister advised that the Board of Director of the Bank had approved an EC$ 20M project which provided for extensive rehabilitation and reconstruction works and the provision of furniture and equipment at St. Mark’s Secondary School, St. Andrew’s Anglican Secondary School, Anglican High School and Crochu R.C. Primary School.

The Minister advised that this project would go a long way not only in rehabilitating educational facilities damaged by the hurricane but in making them better.

The total Government expenditure and financial commitment of the rehabilitation and reconstruction of schools and the general recovery of the education system in the aftermath of the two hurricanes, now exceeds one hundred million dollars.

In an address to the Governors the Minister expressed satisfaction with the Bank’s response to the country’s needs following hurricanes Ivan and Emily as well as with the Bank’s general level of support to the development process in its borrowing member states.

He took the opportunity to advise the Bank on the overall post-hurricane social and economic recovery and the successful hosting of World Cup 2007 matches.