Top investment firm shows interest in Grenada's development

Thursday, November 13, 2003

ST GEORGE'S, Grenada: Three top officials from the international investment and financial conglomerate Morgan Stanley visited Grenada for three days last week and held discussions with Government officials on money and investment matters.

The officials met with Prime Minister Keith Mitchell, Minister of Communications, Works and Public Utilities Gregory Bowen and Minister of Finance Anthony Boatswain.

Discussions centered on the Government's thrust to further develop the country's economic and social infrastructure, providing the conduit for the creation of greater investment.

Refinancing loan transactions was also discussed, with the Morgan Stanley representatives showing keen interest in Grenada's quest to manage and control its debt.

Finance officials envision a positive economic outlook, with a gradual turn-a-around in the European and American economies. The Ministry of Finance forecasts a 2.5 percent growth rate for Grenada at year end, following growth of 2.9 percent for the first six months.

Prime Minister Mitchell applauded the work of the Ministry of Finance in this regard, especially as it concerns the prudent management of the fiscal situation and the exercise of economic imperatives that stimulate prospects for growth and development.

During the discussions Mr. Bowen highlighted Government's policy in managing its debt by retiring existing high interest packages, in order to facilitate cash flow and provide added incentives for investment.

"It is very healthy to see investors coming into Grenada to take us up on our words to reduce the heavy burden with respect to interest and to extend the financial resources available to us for infrastructural and social development," Mr. Bowen said.

The Morgan Stanley team comprising Executive Director Thomas Haskins, Vice President Brandon Goffinet and Analyst Laura Tribuno also held discussions with a team from the Ministry of Finance.

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