The SIDF said in a statement Thursday that 18,000 residential and commercial electricity consumers will benefit from the six months subsidy estimated at a total cost of EC$3 million.

The SIDF said it was mindful of the challenging economic situation and intervened to maintain current electricity charges for consumers.

The SIDF said it will bear the six per cent (6%) Customs Service Charge now being paid by the St. Kitts Electricity Company (SKELEC).

This Customs Service Charge would have been passed on to consumers and reflected on bills issued in December 2012 as an increase in fuel charge.

“By postponing the implementation date of the increase in fuel charge to consumers, the SIDF has demonstrated its seriousness about helping households and businesses to survive the current difficult economic times,” said the SIDF statement.

It pointed out that the primary purpose of the SIDF is to support the Government in diversifying the national economy and maintaining economic stability, and to finance or undertake the development of new and existing industries, projects or enterprises.

Since its inception in 2006, approximately two hundred million Eastern Caribbean dollars (EC$200,000,000) has been invested in the economic and social development of the Federation.

Of that total, just under twenty-two million Eastern Caribbean dollars (EC$22,000,000) was disbursed in loans to purchase two 3.9 megawatt generators and upgrade electricity infrastructure at Frigate Bay.

Press Release