Jamaica to get $15M Energy Efficiency Loan

JAMAICA are set to benefit from a $15 million loan approved by the Board of Executive Directors of the World Bank to increase energy efficiency and security on the island.

According to the World Bank , the loan will benefit Jamaica’s commercial, industrial and even residential energy consumers by developing detailed policies and plans to reduce the island’s high dependence on imported petroleum.

Hillary Alexander, Permanent Secretary in Jamaica’s Ministry of Energy and Mining said: “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, and, along with other complementary projects, will allow us in a relatively short time to become a more productive nation.”

The Energy Security and Efficiency Enhancement Project will contribute to reduced energy costs, increased energy efficiency and security, along with improved economic competitiveness while reducing greenhouse gas emissions.

Françoise Clottes, World Bank Director for the Caribbean revealed: “The World Bank recognises that 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.”

Some specific activities which the project will support include:

The $15 million loan, with a variable spread, is payable in 30 years including a five and a half year grace period.

Picture Doctors Cave Beach, Montego Bay, Jamaica (open license)

Friday 11th March 2011

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