The Grenada Parliament has approved a US$5.2 million loan from the Barbados-based Caribbean Development Bank (CDB) to mitigate rockfall hazzards and for the restoration of damaged retaining structures throughout the country.

A motion seeking Parliamentary approval was presented to the House by Minister of Works, Clarice Modeste-Curwen during the sitting of the House of Representatives last week Wednesday.

Minister Modeste-Curwen told the house that the loan will be used for the mitigation of rockfall hazzard in six areas around the country and the restoration of 14 damaged retaining structures along the road way.

The scope of the project includes the acquisition of lands needed to effect the implementation of the mitigation measures, civil works, engineering services for the project and project management.

According to the female government minister, the project is expected to cost US$5.8 million with Government contribution being approximately US$600,000.00. The loan bears interest at the rate of 2% per annum on the amount withdrawn and outstanding.

Under the terms and conditions, Government is to repay the amount borrowed in 80 consecutive quarterly installments after a moratorium of six years.

Another loan approved by parliament was for US11.9 million from CDB for bridge replacement and road reconstruction. This project entails the reconstruction of the Green Bridge, Beausejour and Tempe Bridges.

In addition, some 2.1 kms of road from Tempe to the Lagoon/Paddock road intersection will be done. The relocation of utility poles and engineering consultancy and project management are also included in the project.

This loan from the regional bank bears interest at the rate of 2% per annum on the amount withdrawn and outstanding. The Government is asked to repay the amount borrowed in 80 equal and consecutive quarterly payments after a moratorium of two years.

Government was also given the go-ahead by parliament to proceed with a US$1,927,000.00 loan from CDB to improve the shelter conditions of low income households on a sustainable basis, in the aftermath of Hurricane Ivan which ravaged the island on September 7, 2004.

The project consists of obtaining land, site development works, engineering consultancy services and project management. The amount is to be repaid in 120 consecutively quarterly payments after a moratorium of nine years.

This loan bears interest at the rate of 2% per annum on the amount withdrawn and outstanding.