BORROWERGrenada Cooperative Bank Limited COUNTRYGrenadaEXECUTING AGENCYGrenada Cooperative Bank Limited LOAN AMOUNT$2 mnSUMMARY OF PROJECT DESCRIPTIONA review of the Grenada Cooperative Bank Limited (GCBL) inidicates that it is a successful, well managed and consistently profitable institution, having the capacity to efficiently intermediate the Caribbean Development Bank's resources. Its success since it commenced operations has been due to the adoption of and adherence to prudent operating and risk management policies, and to dedicated, qualified and experienced staff. The proposed loan from CDB would assist GCBL in increasing the availability of financial resources to eligible students in Grenada. BENEFITSThe Project will be expected to contribute to human resource development which will facilitate economic growth, improve competitiveness and poverty alleviation in Grenada. BORROWERGrenada Cooperative Bank Limited COUNTRYGrenadaEXECUTING AGENCYGrenada Cooperative Bank Limited LOAN AMOUNT$2 mnSUMMARY OF PROJECT DESCRIPTIONA review of the Grenada Cooperative Bank Limited (GCBL) inidicates that it is a successful, well managed and consistently profitable institution, having the capacity to efficiently intermediate the Caribbean Development Bank's resources. Its success since it commenced operations has been due to the adoption of and adherence to prudent operating and risk management policies, and to dedicated, qualified and experienced staff. The proposed loan from CDB would assist GCBL in increasing the availability of financial resources to eligible students in Grenada. BENEFITSThe Project will be expected to contribute to human resource development which will facilitate economic growth, improve competitiveness and poverty alleviation in Grenada. * Please note that amounts quoted are US dollars December 12, 2008 No. 38/08-BD CDB TO PROVIDE STUDENT LOAN FINANCING FOR GRENADA Eligible persons in Grenada who want to upgrade their skills and qualifications at the vocational, technical and professional levels, will soon be able to benefit from student financing being provided by the Caribbean Development Bank (CDB). CDB's Board of Directors has approved a loan equivalent to USD2 million to the Grenada Cooperative Bank Limited to assist in financing sub-loans under CDB's Student Loan Scheme. The primary objective of the project is to assist the Government of Grenada in developing the country's human resources through the provision of student loans for post-secondary and tertiary education and skills enhancement. The development of human capital is expected to contribute directly to poverty reduction through job creation in the medium to long term. Access to financing is one of the key constraints to participation in tertiary education in Grenada. The expansion of tertiary education opportunities at the local and regional levels, and the increasing number of students qualifying for entry into these institutions, do not guarantee automatic access to tertiary level training. The level of participation, particularly for people in the low-income groups is constrained by the high cost of education at that level.