Thursday, May 19, 2016

St. Vincent and the Grenadines: Additional Funding Received for Geothermal Energy Project

St. Vincent and the Grenadines receives funding for geothermal energy development (CDB)

St. Vincent and the Grenadines (SVG) has received a grant of GBP 4 million to support the development of geothermal energy. The grant was approved through the signing of a Memorandum of Understanding (MOU) between the Caribbean Development Bank (CDB) and the Government of the United Kingdom, through its Department for International Development (DfID).

The funding, contributed by DfID, complements an additional grant of USD 9.7 million, allocated from resources provided to CDB by IDB from its Clean Technology Fund. The grants will partially finance exploratory drilling in the vicinity of the La Soufrière volcano, and assess the feasibility of geothermal resource development for electricity production.

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