EIB targets Caribbean power
Deal includes loan to improve electricity supply in Dominican Republic
The European Investment Bank (EIB) is to loan $100m to the Dominican Republic to help improve the country’s electricity supply and distribution, as part of a wider cooperation agreement on renewables between the EU and the Caribbean region.
The European Commission will also grant €9.3m through the Caribbean Investment Facility to the Dominican project, which aims to improve the availability of power supply for over 680,000 households in the country.
The project will support the reduction of several illegal power lines that are a danger to public health as well as a waste of electricity.
In addition, it will also contribute to improving the business efficiency of electricity distribution companies.
The EIB, EU and the Caribbean Forum of Countries – which serves as forum for economic discussion with Europe – have also signed an agreement to reinforce co-operation in sustainable and renewable energy.
The EIB will also strengthen engagement across the Eastern Caribbean by assigning a dedicated investment officer, Floris Vermeulen, to work out of Barbados.
The deals were announced during the EU-Caribbean Sustainable Energy Conference in Barbados today.