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Barbados negotiating $10 million IDB loan for smart energy fund

The government of Barbados is negotiating a $10 million loan arrangement with the Inter-American Development Bank (IDB) to finance a Smart Energy Fund, to speed up the implementation of green initiatives.

Minister of State in the Ministry of Economic Affairs, Patrick Todd

Minister of State in the Ministry of Economic Affairs, Patrick Todd, made this disclosure on Wednesday.

Underscoring the benefits of alternative energy, the Minister said the five-component Fund, would not only reduce energy costs, but also improve energy security and enhance the island’s environmental sustainability.

Todd alluded to the provision of revolving loans to the tune of US$0.5 million under a Pilot Consumer Facility; grants totalling US $0.5 million under a Compact Fluorescent Lamps promotion and a US 1.5 million Air Conditioner Rebate Trade-In Programme, as initiatives that would encourage householders and businesses to “buy and install economically viable energy efficient and renewable energy technologies solutions”.

He also pointed out that consumers would benefit from a US $6.5 million Energy Efficiency Retrofit and Renewable Energy Finance Facility among other assistance.

In addition householders and businesses will be eligible for financial assistance to retrofit their properties. “The fund would establish loans with low interest rates to ensure that small and medium-sized businesses in the industrial and commercial sectors, including hotels, can benefit from the available financial aid,” Todd added.

The Minister of State also noted that the there is provision under the Smart Energy Fund’s Consumer Finance Facility, to provide retailers with low interest rates for the purchase of energy efficient equipment under a reduced rate hire-purchase scheme.

Source: Caribbean News Now!

Category/ies:Barbados News.
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