BRIDGETOWN, Barbados — The Caribbean Development Bank (CDB) in partnership with the Inter-American Development Bank (IDB), has mobilised more than US$85 million to increase the region’s energy security through geothermal energy development.
On Thursday, CDB’s board of directors approved acceptance of further financing under the Sustainable Energy Facility (SEF) for the Eastern Caribbean from IDB, with resources coming from the Green Climate Fund (GCF) and the government of Italy.
SEF is part of CDB’s GeoSmart Initiative, which aims to reduce the financial, technical and institutional barriers to geothermal energy development in five Eastern Caribbean states – Dominica, Grenada, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines. The programme also helps governments build capacity and strengthen institutions so they can be better equipped to implement and manage geothermal energy initiatives.
