Grenada Joins Bank of ALBA as Observing Member

Bank of ALBA has welcomed Grenada to its Board of Directors as a first step towards the incorporation of the Caribbean country into the institution.

President of the financial institution, Raúl Li Causi, welcomed the representative of Grenada during Banco del Alba’s 83rd Executive Board meeting on Wednesday. Grenada’s Minister of Agriculture, Lands and Forests, Peter David, made the announcement of intent to incorporate during the XIX Summit of Heads of State and Government of the Bolivarian Alliance for the Peoples of Our America – Peoples’ Trade Agreement (ALBA-TCP) held this June in Caracas.

“The Bank of ALBA has done wonderful work in the Caribbean and Latin America. The Bank of ALBA is part of what we call a new financial architecture, and we in Grenada will join this new financial architecture, and this act signals the faith in the relations between Grenada and ALBA-TCP,” said Minister David at the June summit.

The move was seen as an outright rejection of media campaigns against Venezuela, opting instead for integration and unity to achieve common solutions.

Grenada joins the multi-state institution as an observer and will become the eighth full member of the development bank.

With the support of the ALBA-TCP countries, the bank has offered and materialized solutions to combat and support the economic needs of member countries, in accordance with the Post-Pandemic 2021 Work Plan, including the ALBA Humanitarian Fund for the purchase of vaccines against COVID-19; the ALBA Health Program; the ALBA Food Program and the strengthening of intra-ALBA transportation.