CDB Mobilised Over 25Million USD For SVG’s Geothermal Project

Monica La Bennett VicePresident (Operations) of the Caribbean Development Bank (CDB), speaking at a ceremony on Monday 6th May 6, 2019, to launch the drilling process of SVG’s geothermal project said, Monday’s occasion marked a significant first step in St Vincent’s part to future development.

The development bank she said is pleased to be associated with such development.

” Since 2014 the bank has taken on a part to energy efficiency, we are working with various agencies to bring about energy efficiency in the region”, La Bennett stated.

CDB has mobilized approximately $27 Million USD for in grant and contingency recoverable grant funding to support the drilling stage, according to La Bennett.

The CDB representative noted that SVG benefited from both human and financial arrangements for the project.

La Bennett said other benefits included a liaison officer to work with the communities.

Technical studies have been conducted and concluded thus leading to today’s stage, she noted.

CDB intends to be a future partner once this stage is successful, La Bennett told the gathering.

The project has the potential to put SVG on a sustainable path once successful, which would lead to lower energy cost for citizens and reducing the government’s energy cost the CDB representative stated.

La Bennett noted that Prime Minister Gonsalves has been a champion and visionary for the project from its inception.