St. George’s, Grenada – November 6, 2008: The Cabinet Advisory Committee meets weekly to carry out the mandate given by the Executive of the State. Thus far numerous Contracts and Agreements have been reviewed and recommendations submitted for the consideration of the Prime Minister.
The Advisory Committee recently reviewed Contracts, some of which were signed by the former administration as recently as July 7th – 1 day prior to the General Elections of July 8th.
Of particular concern to the Committee is the package of Investment Incentives awarded to a number of Developers by the previous regime. An initial review of eleven (11) Signed Agreements for Development/Investment Projects revealed that these projects together are stated to bring approximately Two Billion, Five Hundred and Sixty Three Million Dollars ($2,563,000,000.00) worth of investment to Grenada. While those projects were granted almost 100% relief from taxes in the form of Concessions, a significant number of them show no signs of commencement now or in the near future.
The Committee will continue to scrutinize Agreements and Contracts signed by the Government of Grenada with a view to making recommendations for remedial action where applicable.
The Members of the Cabinet Advisory Committee have committed to offer their professional services free of cost to the Government of Grenada as part of their contribution to ensuring that new administration is enabled to fulfill its Good Governance Agenda.
