The United Kingdom (UK) Government will be providing 4 million British Pounds in grant funding towards the St. Vincent and the Grenadines Geothermal Development project.
Minister of Economic Planning, Sustainable Development and Industry, Camillio Gonsalves made the announcement this morning at a press conference at Cabinet Room.
The agreement was finalized during Minister Gonsalves recent attendance at the Caribbean Development Bank (CDB) Board of Directors and Board of Governors meeting held in Jamaica.
Minister Gonsalves said the 4 million British Pounds from the UK will be used as part of this government’s contribution to the geothermal project, which he noted is anticipated to generate about 80 percent of renewable energy in this country by the year 2019.
Minister Gonsalves also disclosed that the CDB Board of Directors has agreed for the Bank to provide 9.5 million US dollars to support the drilling phase of the geothermal project.