FINANCIAL INFRASTRUCTURE The financial system is critical to the growth of the New Economy, to the development of e-Commerce and to the introduction and expansion of electronic methods of payments in Grenada. If the Commercial Banks, Insurance companies and other financial institutions are reluctant to participate in the cutting edge of e-Commerce development in Grenada then it becomes impossible for Country to exploit these new developments, and Grenada will be left behind in the backwaters of under development. Mindful of this the Government will seek to encourage the financial institutions to play a positive, innovative and aggressive role in the emergence of the e-economy in Grenada. The Government therefore proposes to embark on a positive and supportive course of action, including the following: We will encourage and support the establishment of an Association of Bankers in Grenada We will encourage and support the introduction of electronic payment technologies for domestic and foreign purchases We will encourage the development of electronic banking including Internet banking We will encourage and support the development of electronic inter-bank transactions and settlements including "switching" and common ATM's We will encourage banks and other financial agencies to provide special and concessionary loan packages to facilitate the purchases of computers by householders of all income groups; and to facilitate Grenada's Small Business sector. A STRATEGY AND ACTION PLAN FOR GRENADA Anurag Sinha 38