Project assistance completion report : Grenada privatization assistance

The project was implemented by the Price Waterhouse International Privatization Group (PW/IPG). Accomplishments were as follows. (1) Meetings with various ministries, GOG agencies, private sector organizations, and labor representatives resulted in an assessment of Grenada's privatization and liquidation opportunities, as well as a privatization strategy which included phased divestiture plans for eleven enterprises. (2) Detailed valuation reports on Grenada Electricity services Ltd. (GRENLEC) and the Gravel, Concrete and Emulsion Production Corporation (GCEPC) were produced to show the GOG the various factors that affect enterprise value and to provide a systematic approach for evaluating privatization options based upon enterprise conditions. (3) Marketing and execution of privatization offerings were completed for both GRENLEC and GCEPC and drew a variety of bids. By the PACD, the sale of GRENLEC had been completed, but that of GCEPC remained to be finalized. (4) A public information program targeting the general public, potential investors in specific enterprises to be privatized, and the workforces of the enterprises in question was implemented, along with a special program to generate investor demand in GRENLEC. (5) Formal and on-the job training and capacity building were provided to GOG officials. The lesson learned is that for specialized TA, it is essential that renowned and proven expertise be obtained both in the selection of the firm and the composition of the implementation team.