CARICOM Development Fund Signs Agreement with the Government of St Vincent and the Grenadines for the Installation of Photovoltaic Solar Energy System

The Prime Minister of St Vincent and the Grenadines Dr. the Hon. Ralph E Gonsalves and the CEO of the CARICOM Development Fund (CDF), Mr. Rodinald Soomer on August 25th, 2016 signed an agreement for the Installation of a Photovoltaic Solar Energy system at the Argyle International Airport (AIA). This agreement is the fourth between CDF and the Government of St. Vincent and the Grenadines since the Fund’s inception and brings the total support under that Member State’s Country Assistance Programme to US$8.2 million or EC$22.0 million.

This agreement represents a significant development in the ongoing programme of support to St. Vincent and the Grenadines, as it is the first to specifically target the incorporation of green technology into a production plant. It takes the form of a highly concessional loan of US$750,000 (EC$2.0 million), which will expand the St. Vincent Electricity Services’ (VINLEC) electricity generation capacity from renewable energy sources as well as provide lower cost energy for lighting and cooling the terminal building at the AIA.

This is the largest individual financial allocation for green technology within the CDF’s first cycle operations. The CDF will continue to support and finance initiatives whose ultimate goal is the promotion of economic viability, inclusive of environmental sustainability. To this end, the incorporation of green technology, particularly through implementation of renewable energy and energy efficiency initiatives, has been accorded greater prominence in the CDF’s eight priority areas for its second funding cycle which began in July 2015 and concludes in June 2020.

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