St. Kitts and Nevis to get funding to jumpstart renewable energy projects

Making this possible was the signing last week of an agreement between the Caribbean Development Bank (CDB) and the European Union-Caribbean Investment Facility (EU-CIF). The signing took place in Brussels during the recent EU-CELAC/8th EU-LAC Summit. The funds support the new Sustainable Energy for the Eastern Caribbean (SEEC) Programme.

According to information from the Caribbean Development Bank, the SEEC Programme is a multi-partner loan and grant facility with a total budget of approximately €21.4 million.  The EU-CIF grant contribution of €4.45 million to the SEEC Programme will provide both technical assistance and investment grants to six beneficiary countries – Antigua and Barbuda, Grenada, Dominica, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.

During the last Board of Governors meeting held in St. Kitts and Nevis, the CDB highlighted its increased focus on energy security as part of its strategic plan, out of which a study called ‘A New Paradigm for Caribbean Development: Transitioning to a Green Economy’ was completed.

Expanding on the potential of SEEC, Dr William Smith, president of the Caribbean Development Bank, said, “The SEEC Programme will allow CDB, in collaboration with its Development Partners, to employ innovative financing methods to advance sustainable energy solutions for six of its borrowing member countries.”

He explained further, “The programme has the potential to initiate a radical change in the energy landscape for the beneficiaries. It could become a model for the rest of the Caribbean; and the lessons learned from this Programme can inform the creation of expanded facilities for the benefit of all of the borrowing member countries of CDB.”

The EU-CELAC summit brings together European, Latin American and Caribbean leaders to strengthen relations between both regions. These summits are the main fora for dialogue and cooperation between Europe Latin American and Caribbean states.

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