Plans are being made for St. Vincent and the Grenadines to establish a permanent diplomatic presence in Dubai, United Arab Emirates.
This was disclosed by Prime Minister Dr. Ralph Gonsalves, who returned to the state last weekend after an official visit to Dubai and London.
During his recent trip to Dubai, Prime Minister Gonsalves signed an agreement with officials from the Abu Dhabi fund for Development, for a US $15 million dollar loan.
The agreement, between ADFD and St. Vincent and the Grenadines, was signed between H.E Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD) and H.E Ralph Gonsalves, Prime Minister of Saint Vincent and the Grenadines.
The project is being funded as part of the AED1.285 billion (US$350 million) ADFD/IRENA project facility, set up in 2012, to provide concessional financing for renewable energy projects in developing countries affiliated to International Renewable Energy Agency (IRENA).
Commending the UAE’s efforts to promote stronger international development relations with St. Vincent and the Grenadines, His Excellency Ralph Gonsalves, Prime Minister of Saint Vincent and the Grenadines said: “the proposed geothermal power plant will give a strong boost to the energy sector in our country, supporting its economic growth and development programmes.’
The geothermal power plant in St. Vincent and the Grenadines, with a capacity of almost 15MW, will enhance the electricity grid in the island by leveraging its natural renewable sources, while cutting the cost of electricity generation by 25 per cent. In addition, the associated construction, operations and maintenance of the plant, the conversion station and 40km of transmission lines to connect the plant to the grid is anticipated to create several job opportunities for the local population.