Grenada’s Government announces refinancing of MNIB debt

The government of Grenada announced the refinancing of a loan of about $5.0 million owed by the Grenada Marketing and National Importing Board to local commercial banks on November 24, 2023

MNIB Grenada, credits to GIS Grenada
MNIB Grenada, credits to GIS Grenada

Grenada: The government of Grenada announced the refinancing of a loan of about $5.0 million owed by the Grenada Marketing and National Importing Board to local commercial banks on November 24, 2023.

The government announced the refinancing of debt with great pleasure as such an action offers the extension of the repayment period. 

Also, it provides more budget by lowering down the monthly payment.

Considerably, the agreement of refinancing involves some of the terms which are as follows:

  • All the outstanding principal balances to be paid by Grenada Marketing and National Importing Board to local commercial banks (MNIB) are to be repaid at the interest of 4% over a 10 years period.
  • This even clarifies the benefit which the refinancing is giving when compared with the current interest rates are 6.5% and 7%. This reflects the margin of about 4% which a Significant number when it comes to interest.
  • Also, the repayment of interest free loan for all the outstanding interest got the extension of 10 years.
  • Even, the release of the existing securities are to be exchanged with the charge on Consolidated fund.

Such a change in the agreement provides huge benefits.

Moreover, this refinancing strengthens the ability of authorities to successfully adjust the MNIB by eradicating the possession in the form of lien on the property located at St George.

Significantly, the cabinet has even given an approval on clearing all the outstanding claims by paying the amount to unsecured creditors.

This even includes farmers and agro processors amounting to $2.5 million.

The finance ministry has also announced the clearing of all the debts to unsecured creditors by the start of next month, which is December 1, 2023. They are even working on it very dedicatedly.

Also, the authorities have announced the date of November 28, 2023  for releasing the further information regarding this.