Grenada Development Bank Background
The Grenada Development Bank is the renamed Grenada Agricultural and Industrial Development Corporation which itself was the successor to the Grenada Agricultural Bank, originally established in 1965.
The Corporate name, Grenada Agricultural and Industrial Development Corporation, was changed to the Grenada Development Bank by People’s Law No. 33 of 1980, which became effective on July 18, 1980.
The primary purpose of the Grenada Development Bank is to assist in the economic development of Grenada by providing financial and technical assistance in the areas of Agriculture, Fisheries, Tourism, Industry, Housing, Small Business Development and Human Resource Development.
The Bank is authorised to act generally as agent for the Government where it can do so appropriately and in a manner not inconsistent with its functions. The Bank is empowered by Section 12 of the Act to borrow sums required for meeting any of its obligations or discharging any of its functions.
The Minister of Finance is responsible for inter alias:
- The appointment and tenure of the Chairman, Deputy Chairman and the other members of the Board of Directors of the Bank;
- The appointment of the Manager and Deputy Manager of the Bank;
- Prescribing additional purposes for which loans may be made;
- Prescribing the limits within which loans for any prescribed purposes may be made;
- Efficient and effective maximization of objectives and purposes of the Act.
The Minister of Finance, may, after consultation with the Chairman of the Board, give directives of a general nature as to the policies to be followed by the Bank, in the performance of any of its functions as established under the Act, as appear to the Minister to be necessary in the interest of the public.
The powers of the Bank are exercised through its Board of Directors, with whom the responsibilities lay for policy formulation and general administration of its affairs.
The day-to-day administration of the Bank is the responsibility of the Manager, who is the Chief Executive Officer, and accountable to the Board of Directors for the implementation of the policies of the Bank. For purposes of administration, the Bank is organized into three departments: Credit, Administration and Human Resource and Finance and Operations.