JAMAICA TO RECEIVE US$15 MILLION ENERGY LOAN FROM WORLD BANK

Jamaica’s energy sector and by extension, the entire population is set to receive a boost of US$15 million in loan funding that has been approved by the World Bank to increase energy efficiency within the island.

“Given the current crisis in energy worldwide, this World Bank loan program is very well timed. It presents a way forward for the country in attacking the serious issue of energy inefficiency…along with other complementary projects, it will allow us in a relatively short time to become a more productive nation,” stated Hillary Alexander, Permanent Secretary in Jamaica’s Ministry of Energy and Mining.

World Bank Director for the Caribbean, Françoise Clottes said “addressing Jamaica’s energy needs is crucial for the country to stimulate economic growth and competitiveness. We are pleased that this project supports Jamaica’s policy objectives of promoting energy conservation and efficiency and ensuring energy security.”

The loan through the Energy Security and Efficiency Enhancement Project will contribute to reduced energy costs, increased energy security and improved economic competitiveness.
Some specific activities which the project will support include:

  • Developing detailed policies, strategies and implementation plans on renewable energy (in particular hydro, wind and biomass), energy efficiency and gas, and on related regulations.
  • Strengthening the regulatory framework for private-public partnership monitoring of the energy sector by building capacity in the Ministry of Energy and Mining and the Office of Utilities Regulation.
  • Introducing the Liquefied Natural Gas (LNG) program to support off-oil diversification.
  • Expanding the energy efficiency testing and labeling capability and information program of Jamaica’s Bureau of Standards.
  • Promoting solar and wind energy.

It will also provide a line of credit/revolving facility through the Development Bank of Jamaica to provide retail financing to the private sector for energy efficiency and renewable energy investments.

The loan was approved on March 10, 2011.

Source: The FINANCIAL 

http://finchannel.com/news

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