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GRENADA DEVELOPMENT BANK PAYS DIVIDENDS TO GOVERNMENT

MONDAY SEPTEMBER 17TH, 2018, ST. GEORGE’S:- 2017 has proven to be another profitable year for the Grenada Development Bank (GDB) so much so that for the second (2nd) consecutive year in the Bank’s history, it was able to pay dividends to its sole shareholder the Government of Grenada.


A cheque written in the amount of fifty-three thousand, seven hundred and sixty-six dollars ($53,766.00) was paid to the Government of Grenada on Tuesday September 11th, 2018. 


Mr. Stanford Simon, current Chairman of the GDB’s Board of Directors said he is proud of this accomplishment, ‘Thanks to the GDB’s continued improvement and financial performance, today for the second time in its 53 years history, the Bank is able to pay dividends to the Government. I am honoured to share in this momentous occasion as GDB continues to make advancements that would go down in the annals of history.’


According to Mr. Simon, the continued improvement of the Bank’s performance can be largely attributed to a clear and well-articulated vision and strategic direction with 2017 marking the first of the Bank’s five-year Strategic Plan designed to steer the Bank to a more customer focused and development-oriented institution.


Mr. Simon took the occasion to reiterate that the Grenada Development Bank continues to play a significant role in the sustainable development of the country bridging existing gaps in all sectors including housing, tourism, business and education.


‘Grenada Development Bank being able to pay dividends to Government is testimony that the Bank is more than meets the eye. As a matter of fact, our latest annual report will show that in 2017 the Bank disbursed approximately $20M, with most of this amount being circulated within the local economy aiding in the creation and sustenance of six hundred and forty-eight (648) jobs thereby stimulating economic growth and development in the tri-island state.’


Mr. Simon said that the contributions being made to the Grenadian economy will only increase in the upcoming years, as the Bank will continue to fulfil its developmental mandate while simultaneously striving to remain viable within the local financial environment.