About economic services

Overview

The Financial Control Service manages a variety of investments and economic services for the benefit of the Republic of Grenada.

These include:

  • Grenada Intergenerational Trust Fund
  • Grenada pension and superannuation funds
  • Grenada fuel supply
  • Commemerative coins (World Coin)

The Department is also the executing agency for key development projects related to:

  • Port redevelopment in partnership with the ADB, Green Climate Fund, Australia and Japan
  • Solar farm expansion in partnership with the ADB
  • Undersea fibre optic cable, in partnership with the ADB

Key projects

The Grenada Sustainable Climate Resilient Project (known as the Port Project) is a grant aid project co-financed by the Asian Development Bank (ADB), the Green Climate Fund, the Government of Australia and the Government of Grenada.  The Government of Japan is also contributing equipment for the new Port, such as reach stackers, trucks, tractors, lifting equipment and a tug boat.

The Government of Grenada’s in-kind contribution includes supply of aggregate and sand, counterpart staff in the Project Management Unit, a revolving maintenance fund, land leases, taxes and duties as well as audit fees.  The estimated value of the Government’s contribution is $44.3 million, being $22.9 million in project costs and $21.4 million in-kind.

As of May 2020, the total estimated cost of the project was $144 million, of which donors have contributed $99.7 million (69 per cent), and Grenada is estimated to contribute $44.3 million (31 per cent).  All donor funds are committed.

The project is expected to be completed in early 2021.  However Covid-19 related delays are expected to push completion out to late 2021.

The Financial Control Service is the executing agency, and the Grenada Port and Maritime Authority is the implementing agency, responsible for managing the project to completion.

The Solar Power Development Project is funded through a USD22 million grant facility from the ADB.

The project will finance

  1. a grid-connected solar power plant with a capacity of 6 megawatts (MW) of alternating current; and
  2. a 2.5-megawatt-hour (MWh), 5 MW battery energy storage system (BESS) to enable smoothing of intermittent solar energy.

 

The system will be fully automated and integrated with the existing diesel generation system (17.9 MW of installed capacity, currently operated manually) to optimize solar energy use, enable optimal BESS charging and discharging, and allow optimal shut-off of the diesel engines. This will reduce Grenada’s reliance on diesel for power generation and decrease production costs.

The project will also support the institutional strengthening of Grenada Utilities Corporation (NUC).

The project is expected to be completed by 31 August 2023.

Grenada has entered an agreement with the ADB to deliver the East Micronesia Cable System (EMCS) project.  The aim of the project is to ensure that efficient internet services are provided to Grenada.

The EMCS is co-financed by the World Bank and ADB through the Improving Internet Connectivity for Micronesia Project.

In April 2019, the ADB announced that it had approved a total of US$36.6 million in grants to help fund the delivery of low-cost, high-quality internet service in Kosrae in the Federated States of Micronesia (FSM); Tarawa and Kiritimati Island in Kiribati; and Grenada. 

This included a US$15 million grant to Grenada.

The project will help install a submarine cable connection between Kiritimati Island to a proposed transpacific cable system connecting Australia and Hawaii, while financing Grenada’s share of the EMCS.

The project will deliver faster, better quality internet, which could facilitate education and training for the labour force, raise the efficiency of the delivery of basic public services, and open new business opportunities.  It is expected to benefit up to 75,000 people.

Grenada Fibre Cable Corporation (NFCC) is a statutory corporation established in the NFCC Act 2017.  Its main responsibility is to establish an efficient international internet service in Grenada.  The Office of NFCC will play a vital role to manage and provide telecommunication services, as well as be Grenada’s representative body in the EMCS.