ST. GEORGE'S, Grenada (AP) -- China agreed on Thursday to help rebuild Grenada's national stadium and offered it funds for scholarships and development, a day after Beijing agreed to finance a sports stadium in the nearby Caribbean island of Dominica. Both nations in the past year have established diplomatic relations with China, and severed relations with Taiwan. The Asian rivals for decades have used dollar diplomacy to win over small Caribbean nations where small projects go a long way. The five agreements signed by Grenada and China on Thursday, included assistance in the rebuilding of the national stadium complex, two financial grants, agricultural funding and 10 scholarships for Grenadian students to study in China. The grants included US$8.5 million to be used to fund to help build houses and development programs, among other things. The agreements were signed by government ministers and head of a 10-member Chinese delegation, Vice Minister of Commerce Liao Xiaoqi. "When we established diplomatic relations in January of this year we had reached some consensus agreements and the meeting here at this time is to implement those agreements," Liao said. The Chinese official said Grenada's acceptance of its One China Policy was the basis of the improve relations. Among the agreements reached was to rebuild Grenada's national stadium, which is earmarked to host matches of the 2007 Cricket World Cup. The Chinese vice minister said that a team from China will visit Grenada on April 4 to start studies. The estimated cost of the project is Eastern Caribbean $113.4 million (US$42.5 million). On Wednesday, China signed an agreement to fund a sports stadium in Dominica, one year after the Caribbean island severed ties with Taiwan to establish diplomatic relations with the Asian economic giant, officials said. Liao signed the US$12.3 million agreement at a ceremony Wednesday in Windsor Park, where the 8,000-seat stadium will be built in the capital, Roseau. Dominica, a former British colony, is one of the poorest countries in the region. It cut ties with Taiwan in March of 2004 in exchange for a six-year, EC$300 million (US$112 million) Chinese assistance program. The package includes plans to build the sports stadium and a middle school, renovate hospital wards and upgrade a road to link the capital and the island's second largest city, Portsmouth. Taiwan responded to Dominica's foreign relations shift by breaking off relations with the island of 70,000 residents. The Chinese delegation came from Dominica to Grenada, and heads to New York and Washington next. Reprinted from biz.yahoo.com