World Bank to fund geo­ther­mal project in Do­minica

Jamaica Gleaner - - FINANCE -

THE WORLD Bank says it will pro­vide more than US$17 mil­lion to­wards the devel­op­ment of a geo­ther­mal plant in Do­minica.

It rep­re­sents more than a third of the US$48mil­lion price tag placed on the seven-megawatt plant.

“The bank is also work­ing with the Do­minica Geo­ther­mal Devel­op­ment Com­pany to pre­pare a geo­ther­mal risk mit­i­ga­tion project,” said World Bank op­er­a­tions of­fi­cer Kar­lene Fran­cis, who noted that the geo­ther­mal fa­cil­ity would dis­place diesel gen­er­a­tion and re­duce elec­tric­ity costs.

“Geo­ther­mal en­ergy is ex­tremely re­silient and con­sis­tent with the gov­ern­ment’s strat­egy. We ac­knowl­edge the strong part­ner­ship with a num­ber of donors, in­clud­ing the gov­ern­ment of New Zealand ... which have joined the ef­forts to co­fi­nance the project val­ued at US$48 mil­lion, of which US$17.2 mil­lion will be funded by the World Bank,” Fran­cis said.

The op­er­a­tions of­fi­cer, while speak­ing at the launch of the Cli­mate Re­silience Ex­e­cu­tion Agency for Do­minica, or CREAD, last Fri­day, said the bank was also col­lab­o­rat­ing with other devel­op­ment part­ners to re­duce the bur­den and trans­ac­tion costs on Do­minica by mov­ing to­wards more part­ner­ships.

“In this con­text, CREAD is a step in the right di­rec­tion to co­or­di­nate all the projects, no mat­ter the fi­nancier,” she said.

Newspapers in English

Newspapers from Jamaica

© PressReader. All rights reserved.