ST. GEORGE’S, GRENADA, Tuesday, February 08, 2011: A Loan Agreement was signed in St. George, Grenada on Saturday February 5th 2011 between Grenada and Kuwait Fund for Arab Economic Development (the Fund). Through this signing, the Fund shall extend a Loan of approximately US$ 8.5 million to Grenada to help finance the second phase of the Agricultural Feeder Roads Project. Signing the Loan Agreement on behalf of Grenada was Prime Minister Hon Tillman Thomas, while Mr. Ghanem Sulaiman Al-Ghenaiman, Deputy Director-General of Kuwait Fund for Arab Economic Development, signed on behalf of the Fund. The Project includes the following components: Civil engineering works for the reconstruction and rehabilitation of approximately 35 kilometres of agricultural feeder roads. The work involves site preparation, earthworks, pavement layers, drainage structures, bridges and road safety works; Consultants' services for the supervision of construction; Institutional support for the Project Implementation Unit, including office furniture, computers and office equipment, and training of two personnel. The Project is expected to be completed by the end of 2012. The total cost of the project is estimated at about EC$ 62.27 Million of which the Fund's loan covers about 36.4%. In addition to Kuwait Fund's financing, the OFID contribution in the project equal 36.4% while the Government of Grenada will cover the remaining financing gap and any additional costs that may arise in the future. By concluding this agreement the Fund would have provided six loans to Grenada, considering that the Fund had already extended five loans in the transport sector totaling about US$36 million. In addition, the Fund has also provided Grenada with three (3) Technical Assistance grants totaling approximately US$1.26 million U.S. Dollars. Ministry of Finance, Planning, Economy, Energy & Cooperatives The Carenage, St. George's Grenada