Iceland Key Partner in Extensive Development Project on Geothermal Energy (IceNews)
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| (Courtesy IceNews) |
Össur Skarphéðinsson, Minister for Foreign Affairs of Iceland, presented today the most extensive development project Iceland has participated in. It includes the development of a Global Geothermal Development Plan under the auspices of the World Bank, which could amount to 500 million USD. The facility will provide finance for geothermal feasibility assessments and test drilling. The collaboration between Iceland and the World Bank is the largest initiative so far for promoting the utilization of geothermal energy in developing countries, and Iceland will effectively become the Bank’s key partner in this field.
On this occasion, an agreement was signed between the
Nordic Development Fund (NDF) and Iceland on the co-financing of the first phase of the project. The Icelandic government and the Fund will contribute 5 million EUR each to the project during a five year period.
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