ST. GEORGE'S, GRENADA, FRIDAY, OCTOBER 24, 2014 - GIS: The Grenada Government says it has already approved a number of new projects to be funded by money raised from the Citizen by Investment Programme.

Tourism Minister Alexandra Otway Noel made the announcement in an update to investors in London this week.

The new projects include developments earmarked for The Point at Petite Calivigny and Levera Beach on the North shore of the Island.

Others utilizing the program for expansion are Mount Cinnamon Resort and Beach Club and the maritime village at Port Louis.

“We were delighted to issue our very first citizenship certificate in June of this year and our latest successful investor flew to Grenada from China this October to receive his Grenadian passport in person,” Otway Noel told investors during a special presentation punctuated with segments promoting places around Grenada.

“My government is very supportive of this initiative. To allow foreign nationals to immerse themselves into the Grenadian experience and afford them the opportunity of becoming a citizen of our great nation, is a unique and privileged opportunity which we are most conscious of and intend to ensure its proper, continued stewardship and management”.

Monies from investors approved under the programme will be put in the National Transformation Fund as stipulated by the Citizenship by Investment Act brought into law late last year.

Investors seeking to become citizens of Grenada can either invest US 200,000 dollars into the fund or a minimum of US 250,000 dollars into a government approved project.

The tourism minister told the London forum that a number of applicants have already been approved under both the Transformational Fund and the Investment route and several others are currently being processed.