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Grenada reaches deal to pay only half of $22M it owes Taiwan

January 6, 2015

ST. GEORGE’S, Grenada (AP) — Grenada’s prime minister says the eastern Caribbean island will only have to pay half of a $22 million debt it owes Taiwan.

Keith Mitchell said late Monday that the government of Taiwan agreed to a payment plan for loans it awarded over a 10-year period.

Taiwan’s Export-Import Bank had been seeking sought to recover $22 million from Grenada for loans taken out for a sports stadium, road construction projects and other developments.

Grenada severed ties with Taiwan in 2005 and sided with China as it sought funds following heavy damage by Hurricane Ivan in 2004.

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