Grenada has taken a major step toward building its new national hospital after signing a US$30 million financing agreement with the OPEC Fund for International Development to advance construction under Project Polaris.

The agreement represents the first tranche of a broader US$60 million financing framework signed between the Government of Grenada and the OPEC Fund in December 2025.

The funding will support the construction of the new hospital, a central pillar of the Hope Vale Medical City initiative.

The signing took place on the sidelines of the Latin America and the Caribbean International Economic Forum 2026 at the Panama Convention Center in Panama City.

Grenada’s delegation was led by Minister for Finance 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 Damian Dolland.

Following the signing, Ambassador St. Bernard described the agreement as a turning point for the project.

“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,” she said.

Project Polaris is the government’s flagship healthcare initiative aimed at strengthening healthcare delivery, expanding access to modern medical services, and developing a more patient-centred health system for Grenada, Carriacou, and Petite Martinique. The new hospital is expected to play a key role in improving healthcare outcomes and modernising the country’s health infrastructure.

The Government of Grenada also expressed appreciation to the OPEC Fund for its continued partnership, noting that the financing aligns with national development priorities and long-term efforts to improve public health services across the tri-island state.