• Covid-19
  • Travel Protocols
  • Immigration & Customs Form
Sunday, June 1, 2025
SKNIS
  • Home
  • About
  • Press Releases
  • Parliament
  • In The News
  • Bills
No Result
View All Result
SKNIS
No Result
View All Result
Home Press Releases

IDB lends further support to CDB’s investments in regional energy security

by
December 17, 2018
in Press Releases
CDB receives EU funding to support geothermal energy development
Share on FacebookShare on Twitter

Related posts

MINISTER DUGGINS PLEASED WITH IMPLEMENTATION OF INTELLECTUAL PROPERTY IN SPORTS PROJECT

Official Statement from Hon. Samal Duggins, Minister of Agriculture, Fisheries and Marine Resources; Sports; Small Business, Entrepreneurship, Cooperatives and the Creative Economy

May 30, 2025
Minister Duggins Invites Public and Media to Historic International Friendly Football Match between St. Kitts-Nevis and Nigeria at Samuel Williams Sporting Complex

Minister Duggins Invites Public and Media to Historic International Friendly Football Match between St. Kitts-Nevis and Nigeria at Samuel Williams Sporting Complex

May 28, 2025
December 17, 2018, BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB) in partnership with the Inter-American Development Bank (IDB), has mobilised more than USD85 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 the Republic 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. 
USD85.6 million will expand the pool of existing resources under SEF Programme with USD80 million coming from GCF and USD5.6 million from the Government of the Republic of Italy. It will go towards financing the often cost-intensive stages of development from the pre-feasibility studies to exploration drilling, and eventually field and plant development such as developing wells and building power plants, sub-stations and transmission lines.
Monica La Bennett, Vice-President (Operations) welcomed the new financing, saying it would help to advance the energy transformation and economic development of the beneficiary countries.
“The reality for these countries is that they have small and isolated electricity markets which lack scale, and are heavily dependent on diesel fuel for power generation. This has made the cost of electricity higher than the global average,” she said.
The Vice-President noted that some of the countries, given their volcanic origins, have large potential for geothermal energy, which could provide lower-cost constant power. However, the risks that form barriers to exploration and development are often high. The approved package of funding consists of investment and technical grant, contingent grant, as well as concessional loan resources, and will help the countries overcome the barriers to geothermal energy development. 
 “CDB, by collaborating with partners such as the IDB, is focused on removing these barriers, and creating a low-carbon diversified energy matrix based on more affordability and indigenous renewable energy options, thereby increasing energy security. This is critical for these tourism-dependent economies if they are to improve their competitiveness and fiscal and macroeconomic stability,” added La Bennett.
The GeoSmart Initiative contributes to achieving the objectives of CDB’s 2015-2019 Strategic Plan, in which energy security is a cross-cutting theme.

 

Previous Post

CDB gives Dominica more time to Build Back Better

Next Post

CDB funds to upgrade Coastal Highway in Belize

Next Post
CDB receives EU funding to support geothermal energy development

CDB funds to upgrade Coastal Highway in Belize

WHAT'S HOT

SAINT KITTS AND NEVIS HONOURS CENTENARIANS FOR THEIR LIFELONG CONTRIBUTIONS

SAINT KITTS AND NEVIS HONOURS CENTENARIANS FOR THEIR LIFELONG CONTRIBUTIONS

May 31, 2025
SAINT KITTS AND NEVIS APPLAUDED FOR HOSTING LANDMARK GLOBAL SUSTAINABLE ISLANDS SUMMIT

SAINT KITTS AND NEVIS APPLAUDED FOR HOSTING LANDMARK GLOBAL SUSTAINABLE ISLANDS SUMMIT

May 30, 2025
SRSP RECEIVES EC$16,000 SPONSORSHIP CHEQUE TO ENHANCE ROAD SAFETY AND LAUNCH PUBLIC EDUCATION SERIES

SRSP RECEIVES EC$16,000 SPONSORSHIP CHEQUE TO ENHANCE ROAD SAFETY AND LAUNCH PUBLIC EDUCATION SERIES

May 30, 2025

BROWSE BY CATEGORIES

  • 2025
  • Attorney General, Ministry of Justice and Legal Affairs
  • Bills
  • Featured
  • Featured Ministry
  • Government Projects
  • Home Page Slider
  • In Focus
  • In The News
  • Interviews
  • Minister of Agriculture, Fisheries and Marine Resources; Cooperatives; Entrepreneurship and Creative Economy
  • Ministry of Education, Youth; Social Development; Gender Affairs; Aging and Disabilities
  • Ministry of Foreign Affairs, International Trade, Industry and Commerce and Consumer Affairs; Economic Development and Investment
  • Ministry of Public Infrastructure, Energy and Utilities; Domestic Transport; Information, Communication and Technology; and Posts
  • Ministry of Sustainable Development, Environment; Climate Action and Constituency Empowerment
  • Ministry of Tourism, Civil Aviation; International Transport; Employment and Labour; Urban Development
  • Notices
  • Parliament
  • PMO Press Releases
  • Press Conferences
  • Press Releases
  • Prime Ministers Office, Ministry of Finance; National Security; Citizenship and Immigration; Health and Social Security
  • Register of Voters
  • Round Table
  • The Cabinet Secretariat, Cabinet Secteatry
  • Uncategorized

LIKE US ON FACEBOOK

Facebook Pagelike Widget

LOCATION

St. Kitts Nevis Information Service
Government Headquarters
Chruch Street
Basseterre
St. Kitts
Tel:(869)467-1416

FOLLOW US

  • Government of St. Kitts & Nevis

© 2020 St. Kitts & Nevis Information Service. Developed by E-Government Unit

No Result
View All Result
  • Home

© 2020 St. Kitts & Nevis Information Service. Developed by E-Government Unit