Grenada Development Bank (GDB) continues to make invaluable contributions towards the nation’s development with 2021 being a record-breaking year as the institution disbursed EC$20.8M toward the recovery of the economy in the wake of COVID-19.
According to Mr. Mervyn Lord, GDB’s General Manager, these funds were disbursed into the critical sectors of the economy from the bank’s core activities exclusive of disbursements from the Small Business Development Fund, The MSME Support Facility and the Small Hotelier’s Fund which was funded by the Government of Grenada. Mr. Lord says that this amount represents the highest annual disbursement in the Bank’s 56-year history, 38% higher than its 2020 disbursement of $15.1M and should the government’s funded programmes be included, it would therefore mean an overall disbursement amount of $30.89M (482 loans).
Mr. Lord credits this feat to several factors; ‘The GDB’s vital contribution to the economy is a testament to the significant impact the precise financial support, leadership and staff commitment can have on the transformation and success of an organization whose vision is rooted in the socio-economic development of a country.’
He continued saying, ‘being a part of the history that GDB has contributed to the economy on this magnitude is satisfying, as there was a period where one would have questioned whether this would be possible and in 2021 we see the business sector receiving 73% of all loans approved with education and mortgage loans comprising the remaining 27% and the bank being involved in several climate-related projects.’
As a statutory body, the Bank is grateful for the support of the Government of Grenada and its partnership on financial programs geared toward stimulating economic development and recovery. Based on the financial performance of the Bank in 2021, the Board of Directors declared dividends amounting to $120,599 to the Government of Grenada, the sixth consecutive time in the bank’s 56 years history.