Grenada Signs First Tranche of a US$60 Million Financing Agreement to Advance New Hospital

PANAMA CITY, PANAMA (29 January 2026) - The Government of Grenada today signed a financing agreement with the OPEC Fund for International Development (the OPEC Fund) to advance the development of Grenada’s new national hospital under Project Polaris, the country’s flagship healthcare transformation initiative.

This agreement is the first tranche of a US$60 million financing framework signed with the OPEC Fund in December 2025. Today’s signing formally allocates US$30 million to the construction of the new hospital, a central component of the Hope Vale Medical City.

The signing ceremony took place at the Panama Convention Center, Panama City, Panama, on the sidelines of the Latin America and the Caribbean International Economic Forum 2026. The Grenadian delegation was led by Minister for Finance, Honourable Dennis Cornwall, and included Project Polaris Project Sponsor, Ambassador Andrea St. Bernard; Deputy Permanent Secretary in the Ministry of Finance, Chevanne Britton-Telesford; and Lead Strategic and Financial Advisor and Project Consultant, Damian Dolland.

Speaking following the signing, Project Polaris Project Sponsor Ambassador Andrea St. Bernard said, “This agreement represents a critical step in turning years of planning into tangible progress. It allows us to move confidently toward building a modern hospital and laying the foundation for a stronger, more integrated health system for all Grenadians.”

This milestone represents a significant step forward in the implementation of Project Polaris, which is designed to strengthen healthcare delivery, expand access to modern medical services, and support a patient-centred health system for Grenada, Carriacou, and Petite Martinique.

The Government of Grenada expressed appreciation to the OPEC Fund for its continued partnership in supporting national development priorities and improving health outcomes for the people of Grenada.

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About Project Polaris

Project Polaris is the Government of Grenada’s flagship healthcare initiative to develop a new climate-smart national teaching hospital and integrated medical city, strengthening access to modern, patient-centred care for Grenada, Carriacou, and Petite Martinique. The project is designed to support healthcare delivery, medical education, research, and community wellbeing within a single, connected environment. Through this investment, Grenada aims to position itself as a regional leader in sustainable, people-centred health infrastructure.

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About the OPEC Fund

The OPEC Fund for International Development is a multilateral development finance institution established in 1976 by the member states of the Organization of the Petroleum Exporting Countries (OPEC). Headquartered in Vienna, Austria, the Fund is dedicated to promoting sustainable development and eradicating poverty by supporting essential projects across more than 125 countries in sectors such as energy access, clean water, healthcare, education, and food security.