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China offers Grenada $8.5 million loan

China offers Grenada $8.5 million loan

The Chinese government has pledged to give the tiny Caribbean island of Grenada an $8.5 million development loan.
Grenadian Finance Minister Nazim Burke said Friday that the money will be used for several community projects. The government expects to spend most of the money on building new roads.
China also financed construction of Grenada's multimillion-dollar cricket stadium in 2007.
Grenada once had diplomatic relations with Taiwan. But hard-pressed for funds after being ravaged by Hurricane Ivan in 2004, Grenada switched alliances a year later and sided with China.


Updated : 2021-03-01 22:44 GMT+08:00