St. George’s: Grenada will soon be benefiting from a regional agreement endorsed between Heads of Government of the Caribbean that will provide cheaper fuel to the region. The agreement was endorsed by 13 Heads of governments at the recently concluded meeting in Venezuela with President Hugo Chavez. The Prime Minister, Dr. the Rt. Hon Keith Mitchell, on his return indicated that Grenada had signed the agreement. With the rising price of fuel on the world market, this new development, according to Dr. Mitchell, will enable small countries in the region to have a sustained supply of petroleum and/or petroleum- based products. Based on discussion, the Government of the Republic of Venezuela will establish a fund in the range of US$50 million that will help cushion the effects of Caribbean economies having to face the rigors of rising oil prices. Dr. Mitchell says it’s a cost-effective gesture which will give Member States access to concessionary rates on oil. It is identified that most of the countries signatory to the agreement may have a problem with storage and there was agreement that Venezuela will help with storage facilities in the affected territories. In addressing the gathering at the meeting, the Grenadian leader made a strong plea for aid for the reconstruction of our country. He told the delegates that a quantity of pledges that were made following hurricane Ivan for the restoration of Grenada have been redirected to Asia for tsunami-affected islands. However, he is high in praise for the several Caribbean countries that have assisted Grenada, particularly Trinidad and Tobago, Venezuela, Guyana, Barbados, Cuba, and OECS member states, as well as the United States of America. It was disclosed that Venezuela is participating in a collaborative effort with Cuba to reconstruct the Prime Minister’s residence and the second phase of the General Hospital. Venezuela and Cuba have also offered scholarship opportunities for Grenadian students. Prime Minister Mitchell explained that his two-day trip has been worthwhile, in the sense that the more developed countries in the region are recognizing the need to assist wherever possible, as far as it concerns the development of small states like Grenada. Source: Government Information Service