Households and MSME’s in Grenada who are vulnerable to climate-related risks can be the beneficiary of a concessionary loan being offered by the Grenada Development Bank (GDB) as the service provider for Output 4 of the Green Climate Fund financed Enhanced Direct Access Project. 

The Enhanced Direct Access Project, is currently being piloted in three (3) Eastern Caribbean Islands and Output 4 aims at building climate change resilience within buildings- specifically homes and MSME’s, through loan financing at an interest rate of 2% and other concessionary terms. 

Natasha Joseph, GDB’s Business Support and Development outlined the scope of the project which she says addresses a series of interventions that fits within the project’s aim of building resilience; these interventions include renewable energy and energy efficiency, erosion and flood control, health and vector control, water management and efficiency, climate-smart building solutions and structural adjustments in buildings. 

According to Ms. Joseph, the project which ultimately seeks to ensure that properties can withstand adverse climate impacts is very timely considering we are in the hurricane season. She continued by explaining who can reap the benefits of EDA project and by extension the loan, “vulnerable pockets of the population are the focus for this project - this means anyone who is faced with climate-related risks. Some individuals are priority groups including single-parent households, people with disabilities and individuals who are employed in certain priority sectors such as first responders. Although these beneficiaries have been prioritised, the project excludes no one who might be eligible.” 

The options for beneficiaries of this concessionary loan facility are vast, so says Ms. Joseph who also acts as EDA Project Manager, ‘anyone who lives or operates their business in proximity to a waterway, or hillside. Anyone who has already experienced land slippage or flooding due to improper drainage or the individual who has been considering water storage tanks, solar PV systems and even replacing their louvers with windows all stand to benefit. The list of possible climate resilience interventions is vast.’

Ms. Joseph urges the general public to take advantage of this opportunity and act now to make their homes and businesses more climate-resilient.  

The EDA Project is financed by the Green Climate Fund and is being implemented by the Government of Grenada through the Ministry of Finance and the Ministry for Climate Resilience.