Grenada has finalized a significant financial agreement to advance its flagship healthcare infrastructure initiative, Project Polaris, with the Organisation of the Petroleum Exporting Countries (OPEC) Fund. A $30 million loan agreement was formally signed between Grenada’s Finance Minister, Dennis Cornwall, and the OPEC Fund for International Development in January 2026.
This funding represents the initial disbursement within a broader $60 million financing framework established in December 2025, specifically designated for the construction of a new national hospital. This facility will serve as the centerpiece of the ambitious Hope Vale Medical City development planned for Calivigny, St. George.
The Kuwait Fund for Arab Economic Development (KFAED) and the Saudi Fund for Development are acting as co-financiers for this substantial financial package. The project’s execution falls under the purview of the Ministry of Housing and Community Development (MoHCD).
Of the total EC$825 million authorized under Grenada’s 2025 Loan Authorisation Bill, nearly half (EC$405 million) is allocated to this transformative medical complex. The government plans to raise these funds through various financial instruments, including loans, bonds, and promissory notes.
The formal signing ceremony occurred at the Panama Convention Centre on January 29, 2026, coinciding with the Latin America and the Caribbean International Economic Forum. Grenada’s delegation was led by Minister Cornwall and included key project figures such as Project Sponsor Ambassador Andrea St Bernard and financial advisor Damian Dolland.
All financial agreements ratified under the 2025 Loan Authorisation Act will be formally presented to Grenada’s Parliament for legislative approval, ensuring transparent governance of the project’s substantial funding.