Grenada secures US$60 Million OPEC Fund Financing for New National Hospital

Grenada: The government of Grenada has signed a financing agreement of US$60 million with OPEC Fund on Thursday, January 29, 2026, to advance healthcare delivery for the citizens as they construct a new national hospital under Project Polaris.

OPEC Fund for International Development is a finance institution created to foster social and economic progress. It was established by the Member States of the Organization of the Petroleum Exporting Countries (OPEC).

This 60-million-dollar financing agreement was signed to advance the construction of Grenada’s smart academic hospital under Project Polaris. This smart hospital is designed to have a bed capacity of 250 and will function as both a medical training and research centre integrating smart systems, digital technology and cutting-edge medical services.

The agreement was signed by Grenada’s Minister of Finance, Dennis Cornwall, and the President of the OPEC Fund, Dr. Abdulhamid Alkhalifa, marking a significant milestone in strengthening the country’s healthcare delivery.

The signing ceremony was held at the Panama Convention Centre in Panama City where  Minister Dennis Cornwall was seen leading the delegation which included the Project Sponsor, Ambassador Andrea St. Bernard; Deputy Permanent Secretary in the Ministry of Finance, Chevanne Britton-Telesford; and Lead Strategic and Financial Advisor and Project Consultant, Damian Dolland.

Ambassador Andrea St. Bernard shared a few words after the signing was complete stating that the agreement will give all citizens access to a stronger health system.

“This agreement represents a critical step in turning years of planning into tangible progress. It allows us to move confidently toward building a modern hospital and laying the foundation for a stronger, more integrated health system for all Grenadians,” stated the Ambassador.

News of this agreement was shared on both Project Polaris and the OPEC Fund’s official Facebook pages. Project Polaris shared that the project will also ‘expand access to modern medical services and support a patient-centered health system for Grenada, Carriacou, and Petite Martinique.’

The OPEC Fund shared that they have partnered with the Kuwait Fund and the Saudi Fund form Development to support the construction of this new smart academic hospital which they described as an ‘investment in Grenada’s healthcare system and future.’