budget statement 2012.indd - Grenada Customs & Excise Division

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Energy Development is a pillar of the new and modern economy and is essential to fuel Grenada’s transformation. During the past year, the work programme articulated in the 2011 Budget Presentation was vigourously pursued. I now wish to update the Nation on our progress in three areas: Wind Energy Project in Carriacou The Financing Agreement between the Government of Grenada and the European Union for the grant of 2.5 million Euros (EC$8.5 million) for the purchase of equipment has now been signed. Since GRENLEC has exclusive rights over generation, transmission and distribution of electricity, an agreement has been negotiated whereby the equipment will be leased to GRENLEC to generate 1.9 megawatts of electricity in Carriacou. That lease agreement is expected to be signed this month. Over the next few months, GRENLEC will commence a procurement process under EU guidelines for the wind turbines required to make this project a reality. Given the time for procurement, we anticipate full implementation of this project in the first half of next year. Geothermal Development Unlike other indigenous sources such as wind and solar, geothermal energy is a constant rather than an intermittent source of energy. That said, the development of Grenada’s geothermal potential must be properly planned and managed. As a prudent Government, the first step is to ensure a sound legal and regulatory framework for geothermal energy development. In this regard, Government with financial support from the Organisation of American States recruited experienced consultants to prepare the Geothermal Resources Development Bill and Environmental Regulations. This Bill was the subject of a national consultation last year and is now being finalized. 2012 Budget Statement Page 31
For its part, GRENLEC has undertaken initial geophysical work and has prepared and presented a Geothermal Resource Concession Agreement, for Government’s consideration. The next step is to enact the Bill and enter into an agreement with GRENLEC for geothermal development. Hydrocarbon Programme Mr. Speaker, the Nation would recall that the Government of the Republic of Trinidad and Tobago and Grenada signed a Boundary Delimitation Treaty in May 2010. Since then, there have been several engagements between both Governments on the way forward. At present, Government is reviewing a draft Framework Agreement between Grenada and Trinidad and Tobago. This Agreement will provide for cooperation in several areas including: • Determination of the existence and the extent of hydrocarbon reservoirs in the area adjacent to the delimitation line including cross-border reservoirs • Appraisal and development of these reservoirs • Arrangements for the development or unitisation of existing hydrocarbon reservoirs • Facilitating the transfer of relevant skills through, inter alia, the award of scholarships for education and training; and • Conduct of joint seismic surveys and joint exploration where feasible. We expect that this Agreement will be signed shortly and that active cooperation under this Agreement will commence this year. 6.4 HEALTH, EDUCATION AND WELLNESS SERVICES Pursuant to the new agreement between St. George’s University and Government, a Clinical Teaching Programme at the General Hospital commenced last September. Page 32 2012 Budget Statement
Page 2 and 3: CONTENTS 1.0 INTRODUCTION 2.0 INTER
Page 4 and 5: 1.0 INTRODUCTION Mr. Speaker, I beg
Page 6 and 7: Last year, the US economy is estima
Page 8 and 9: 2.3 Economic Performance of the Eas
Page 10 and 11: 2.5 ECCU Eight-Point Stabilisation
Page 12 and 13: Manufacturing -4.9 -5.3 3.9 1.5 Ele
Page 14 and 15: which serve as a proxy for employme
Page 16 and 17: TABLE IV - PERFORMANCE OF VAT AND E
Page 18 and 19: US$6 million - October 1997 US$10 m
Page 20 and 21: Education and Human Resource Develo
Page 22 and 23: • Cuthbert Peters Park in Gouyave
Page 24 and 25: 4.0 FOCUS AND THEME OF 2012 BUDGET
Page 26 and 27: During the past year, Government ad
Page 28 and 29: interest payments; and a further $7
Page 30 and 31: • Water Charges - 25% reduction
Page 32 and 33: The focus this year is on the imple
Page 36 and 37: The direct benefits of this Program
Page 38 and 39: This is an exciting and promising i
Page 40 and 41: nesses commenced operations within
Page 42 and 43: Since January 2011, VAT on cement,
Page 44 and 45: 6.7 JOB CREATION: IMPLEMENTATION OF
Page 46 and 47: Tenders for the construction phase
Page 48 and 49: Venezuela Multi Project This projec
Page 50 and 51: In terms of infrastructural develop
Page 52 and 53: Health System Strengthening Governm
Page 54 and 55: Government will continue its effort
Page 56 and 57: 4. Construction of Dover Hard Court
Page 58 and 59: Cabinet has received the report and
Page 60 and 61: With the support of the Government
Page 62 and 63: or Tainos - and to continue to rais
Page 64 and 65: 6.23 LAW AND JUSTICE In 2012, the M
Page 66 and 67: The Force will also modernize its K
Page 68 and 69: The Caribbean Regional Technical As
Page 70 and 71: Mr. Speaker, the 2012 Budget shows
Page 72 and 73: Annex II RevenueCollectionsbyDepart
Page 74 and 75: Annex IV GrenadaFiscal&DebtIndicato
Page 76 and 77: Annex VI UseofPetroCaribeFunds 2011

budget statement 2012.indd - Grenada Customs & Excise Division

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