NEWS RELEASE Note: correct figure $40.3 million Expressing appreciation to US Ambassador Mary Kramer for a "most timely and generous allocation of funds," Prime Minister Keith Mitchell and the Ambassador signed a Memorandum of Understanding (MOU) for $40.3 million (US). Ambassador Kramer said the Government and people of the USA are "so pleased to join hands with the people of Grenada once again," noting the progress that has already been made by Grenadians since the passage of Hurricane Ivan on September 7. Prime Minister recalled the visit by Secretary of State Colin Powell to Grenada on October 6. "We felt his deep personal commitment," the Prime Minister said of Mr. Powell, adding that: "It was a person saying ‘we understand your pain and we are with you’." Prime Minister Mitchell said the $40.3 million (US) will help in a variety of ways, as Grenada begins the very long and demanding journey of restoration and redevelopment. Specifically, the funds will be utilised as follows: 13 million dollars will go towards housing and community revitalisation projects, as well as the restoration of small scale infrastructure, including water and sanitation systems and roads. 8 million dollars will be used in the crucial agricultural sector and, also, to help revitalise micro, small and medium sized businesses, especially those involve in livestock and fisheries. 9 million dollars will be allocated to school repairs and reconstruction, as well as teacher training and other educational projects. 8 million dollars will be used to support the Government of Grenada in meeting its expenses, given the dramatic drop in revenue since September 7, and 2 million dollars will be used for technical assistance, not included in those areas I have outlined. Office of the Prime Minister, November 17, 2004