Escrow account protects funds earmarked for CBI projects
/Prime Minister, Dr the Right Honourable Keith Mitchell said such drastic measures were taken to protect funds earmarked for investment in real estate projects.
At a recent investment migration roundtable, Dr. Mitchell reached out to local agents and stakeholders. He stressed that the integrity of the CBI program must be protected to ensure its long-term sustainability.
“To safeguard the sizeable investments made in CBI real-estate development projects, Government has now stipulated the creation of escrow accounts where developers are required to deposit project funds and provide regular reporting on the use of funds and the progress of projects.”
As for the CBI Unit, monitoring mechanisms will be improved. “The CBI Unit has now engaged engineers and accountants, whose respective roles will be to visit project sites regularly to track progress and to audit the escrow accounts and ensure that funds are being used for developing the projects. We are confident that the introduction of this requirement will help to avert the misappropriation of funds that are intended to develop CBI projects."
"Managing Director of Grenada Co-operative Bank Ltd., which organised the recent forum, Richard Duncan said the escrow account is a welcome initiative that will ensure project funds are disbursed according to predetermined criteria." - writes nowgrenada.
He said: “An independent audit will take the process a step further to ensure there is full transparency and integrity in the CBI programme. It is a welcome development that ensures that the brand, image and perception of the programme are all protected."
