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IDB to lend Trinidad and Tobago USD 60m for clean energy projects including Caribbean Renewable Energy Center

The Inter-American Development Bank (IDB) said it would provide a loan of USD 60 million (EUR 45m) to Trinidad and Tobago to support the development of renewable energy projects and the promotion of energy efficiency.

The amount will help the domestic government to create new policy and legislation for energy efficiency and to take measures to bolster the environmental sustainability of alternative energy fuels. The legislation will also encourage the efficient and rational production and use of fossil fuels, the lender said.

Trinidad and Tobago will develop a programme that would feature tax and fiscal incentives for wind turbine installations, solar water heaters and other alternative energy technologies. The IDB loan will also help create a plan for the set up of a Caribbean Renewable Energy Center.

The loan facility has a term of 20 years and a five-year grace period. The interest rate is based on the London Interbank Offered Rate (LIBOR), IDB said.

(USD 1 = EUR 0.748)

Category/ies:Trinidad and Tobago News.
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