Friday, February 1, 2019

Commonwealth of Dominica: Successful Negotiations to Finance Geothermal Power Project

Dominica: Government pleased with World Bank negotiations on geothermal project (St Lucia News)

Dominica says it has successfully held negotiations with the World Bank on financial assistance for the development of its geothermal sector.

Co-ordinator of the island’s geothermal energy development project, Ambassador Vince Henderson, speaking on the state-owned DBS radio, said that he was pleased with the outcome of the negotiations with the World Bank delegation on Thursday.

He told radio listeners that a significant amount of the financial package will be in the form of “grant financing.

“What we were essentially negotiating with the World Bank is the US$10 million grant from the United Kingdom’s DFID (Department for International Development) which is being administered by the World Bank”.

He said the negotiations also centered on the two million US dollars from SIDS DOCK as well as US$17.2 million from the World Bank at 0.75 per cent with a 10 year moratorium grace period and 15 year repayment.