Share This On:
ROSEAU, Dominica, Feb 1, CMC – 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.
“You can’t get better than that,” he said, adding that the island had also negotiated a contingent grant of US$10 million from the Clean Technology Fund that is also being administered by the World Bank.
“So effectively we are looking at a package of about US$51.45 million going into Dominica’s geothermal energy development. It was an exciting day because as I said we were able to negotiate on the project document itself,” Henderson told listeners.
Dominica has received support also from New Zealand for the construction of a seven MW geothermal power plant.
The three-year US$1.5 million Partnership Agreement underscores the cooperation that New Zealand has been providing to the island since 2014, and the agreement is based on an implementation timeframe that ends this year.