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Barbados, IDB sign US$45 million loan to support sustainable energy framework

Christopher Sinckler, Minister of Finance and Economic Affairs of Barbados, and Inter-American Development Bank President, Luis Alberto Moreno, have signed financing for US$46 million to support a sustainable energy framework for Barbados.

The financing consists of a US$45 million loan from the IDB’s ordinary capital resources and a US$1 million grant from the Global Environment Facility.

These programs will help reduce Barbados’ dependency on fossil fuels by promoting sustainable energy, diversifying the country’s energy matrix and reducing its exposure to oil price volatility. By promoting renewable energy and energy efficiency, the projects will enhance security and stability in energy supply, improving the overall environmental sustainability in the country.

The Ministry of Finance is responsible for the financing of the two programs, the technical work for the programs will be carried out by the Energy Division in the Prime Minister’s Office. The IDB loan is for a 20-year term, with a 5-year grace period, at a Libor-based variable interest rate.

Category/ies:Barbados News.
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