Friday, April 01, 2011

IFAD Will Co-finance Grenada's Poverty Reduction Project

The UN International Fund for Agricultural Development (IFAD) will provide $3 million to Grenada in loan to co-finance a $7.5 million project that will help the six-year Market Access and Rural Enterprise Development Programme to create jobs, improve market access and support rural micro-enterprise projects in 50 communities. Designed to alleviate poverty in the Caribbean country, this project will benefit an estimated 12,000 members of poor communities on the main island and the isle of Carriacou. The remaining $4.5 million will be provided by the government of Grenada and the Caribbean Development Bank.

The programme will work to improve access to financial services, strengthen community organizations and producers associations and support a national advocacy campaign that will addresses gender and youth issues. The programme will also give young people new opportunities, reduce reliance on high-priced food imports by strengthening the agricultural sector and promote entrepreneurship. Despite having a high Gross National Income, the rural areas of Grenada are still suffering from poverty. Implemented by the finance ministry, this project will help Grenada to achieve high economic growth through the alleviation of poverty.

-Nisha Noor