by Linda Straker
- Project Polaris comprises smart academic hospital and Hope Vale Medical City
- Government recently signed 15-year agreement with Mt Sinai International
- Global capital campaign will target at least US$100 million in philanthropic contributions
Besides establishing a US$25 million account at the Eastern Caribbean Central Bank (ECCB) as well as allocate EC$23.6 million in the 2025 Estimates of Revenue and Expenditure and the approval of EC$405 million in the Budget Authorisation Act, government has published its intention to raise US$100 million in philanthropic capital grants for a new hospital.
Called “Project Polaris” the proposed new 250-bed smart academic hospital and the master development of the 84-acre Hope Vale Medical City, will serve as a national and regional beacon for medical innovation, public-private healthcare delivery, biotech research, and training of healthcare professionals.
“The capital campaign will play a critical role in securing the philanthropic investment required to support the construction of key infrastructure, expansion of programmes, strategic partnerships, and long-term institutional sustainability,” said a notice from the Government Information Service (GIS) labelled “Request for Expressions of Interest for Philanthropic Fundraising Consultancy Services.”
Released on 29 May, the notice explained that the Government of Grenada is seeking a consultancy firm with a proven record of raising hundreds of millions of dollars through philanthropic campaigns, particularly those involving complex stakeholder environments, global donor cultivation, and mission-aligned storytelling across sectors such as healthcare, higher education, and social infrastructure.
“The Government of Grenada (GoG) invites Expressions of Interest (EOIs) from qualified, globally experienced philanthropic fundraising consultancy firms or consortia to support the development and implementation of an ambitious capital campaign for Project Polaris, GOG’s landmark initiative to transform healthcare, medical education, and public health research in Grenada and the OECS region,” said the notice which explained that Project Polaris is Grenada’s flagship smart healthcare and medical innovation development.
The selected fundraising consultancy will be expected to “Lead the design and execution of a global capital campaign targeting at least US$100 million in philanthropic contributions; conduct a fundraising readiness and ecosystem assessment; Identify high-potential donors and aligned institutions through prospect research and segmentation.”
The notice stated that the firm will also have to “develop a globally resonant case for support tailored to the unique value proposition of Project Polaris; Advise on donor engagement strategies, naming rights, and stewardship pathways and provide strategic counsel on governance, legal, and compliance matters related to philanthropic giving.”
The consultancy firm will also have to support the training of fundraising personnel and align communications with the goals and vision of Project Polaris and its various stakeholder groups.
Before publishing the notice, the government had already approved EC$405 million for the project through the 2025 Budget Loan Authorisation Act and had announced that it will open an account at the ECCB as part of its strategy to create a saving fund for the building of a new facility which is market as a capital investment in other government documents.
Finance Minister Dennis Cornwall told Members of the Lower House when he presented the 2025 Estimates of Revenue and Expenditure on 7 March that in 2025, the government will focus on finalising key aspects of the design and financing, with the aim of breaking ground on the Hope Vale site in the first half of 2026.
“An amount of EC$23.6 million has been allocated for this Project in 2025,” Cornwall told the House before announcing the decision to set up the fund at the regional financial institution. “Additionally, the Cabinet has approved the establishment of a Special Fund at the ECCB into which a sum of US$25 million is to be deposited as the government’s contribution towards the overall financing of Project Polaris.”
“Furthermore, a small percentage of all NTF receipts will be set aside monthly, commencing June 2025 after finalising the legal requirements, to support the smooth transition to the new Hospital once completed,” he said.
EC$405 million of the EC$825 million in the 2025 Budget Loan Authorisation Bill will be raised through loans, bonds, promissory notes or other financial instruments. According to documents tabled in Parliament, targeted lenders will include the International Development Association, the International Bank for Reconstruction and Development, the Caribbean Development Bank, the Eastern Caribbean Central Bank, the Regional Government Securities Market and Other companies, banks and or financial institutions. All agreements signed under the 2025 Loan Authorisation Act will be tabled in Parliament.
On 14 May, the government signed a 15-year collaboration and licensing agreement with Mt Sinai International, which will make the new facility an affiliate of the Mount Sinai Health System.
Translation: we are going abroad to beg for money to build a hospital.
Always the same, Grenada puts hand out like others look for coins from visitors on the beach. Fund raising is a basic skill, ask and you shall receive is the plan.