St. George’s, Grenada – A senior Grenada Government minister has said that cabinet is still considering whether to back a proposal for raising funds for development purposes through the issuing of a Diaspora Bond.
“Whether or not we float a bond is a matter that rests squarely with the Ministry of Finance,’’ said Hon. Peter David, Minister of Foreign Affairs.
The bond proposal is the idea of a group of Grenadians living overseas, known as the Grenada Diaspora Organization (GDO).
New York-based GDO representatives, Jerry Edwin and Bernard Bourne, recently visited Grenada where they met with members of government and the parliamentary opposition, and also held public meetings explaining the working of the bond and its importance to Grenada.
The GDO proposal is being suggested while government, through the Ministry of Foreign Affairs, is embarking on fully establishing an Office of Diaspora Affairs (ODA).
“Diaspora Bond is essentially floating a bond issue and utilising Grenadians in the Diaspora for purchasing of the bond. That is not an initiative of the Office of Diaspora Affairs at the moment,’’ Hon. David said in an interview on the “Sundays With George Grant’’ show.
The Foreign Minister said the Diaspora Bond is an “interesting initiative,’’ but added that the first decision of government is whether “the route of a Diaspora Bond’’ is where it wants to go.
He said, “If the Ministry of Finance, after consultation with cabinet, believes that going the route of the floating of a Diaspora Bond is something that is possible, and is something that we want to do, then the Office of Diaspora Affairs will come into action and integrate it into its mechanism. If Foreign Affairs is to get involved, we would do so after directed to do that by our cabinet.’’
The Office of Diaspora Affairs is intended to establish what Mr. David and his team in the Foreign Ministry describe as an “effective Grenadian Diaspora Network,’’ with the main purpose of utilising the skills and knowledge of national living abroad for the economic transformation of Grenada.
The Foreign Minister recently met Grenadians in Washington and New York to discuss the ODA. He has promised to continue the dialogue with other overseas-based nationals in an ongoing attempt at using the ODA to strengthen ties between Grenadians abroad and their homeland.
The immediate task of the ODA is the convening of a Diaspora Preparatory Conference in the Grenadian capital, St. George’s, this August 5 and 6. Organisers are expecting attendance from at least 150 participants, who will discuss a range of issues related to the development and proper functioning of the ODA.
The Office of Diaspora has also planned a “Founding Conference of the Diaspora’’ for 2011and a 2012 “Homecoming.’’
