The Caribbean Development Bank (CDB) has received EUR 12 million in grant funding from the European Union Caribbean Investment Facility (EU-CIF) to support the development of geothermal exploration in the Eastern Caribbean, under CDB's GeoSmart Initiative. The EU-CIF funds will be used to provide investment grants in the initial phases, and technical assistance grants to support capacity-building initiatives and interconnection studies.
The GeoSmart Initiative was developed by CDB to provide financing to support sustainable geothermal development in five countries-Dominica, Grenada, St. Kitts and Nevis, Saint Lucia, and St. Vincent and the Grenadines. For these countries, the development of geothermal energy could be an alternative to costly and non-renewable imported fuels.
