Home' Trinidad and Tobago Guardian : February 26th 2015 Contents BG4 NEWS
BUSINESS GUARDIAN www.guardian.co.tt FEBRUARY 2015 • WEEK FOUR
The creation of a new ener-
gy fund, with the help of
the Inter American Devel-
opment Bank (IDB), could
help save the sluggish
from collapse, says Plan-
ning Minister Dr Bhoe
"It is about finding a home-grown solution
to which the countries of the world can offer
their resources to the Caribbean. If these
Caribbean economies were to collapse, then
it will not be Caribbean problem it will be a
hemispheric and world problem. All countries
have an interest in resolving this. We have
insisted in discussions with the IDB that to
assist the OECS countries, a key player must
be the Caribbean Development Bank (CDB).
This bank will play a key role in partnership
with the IDB and T&T to ensure that the needs
of every country customise solutions," he told
the Business Guardian on Monday.
President of the IDB, Luis Alberto Moreno,
and Tewarie last Friday signed a Memorandum
of Understanding (MOU) for the establishment
of the Multi-Donor Energy Facility for
Caribbean Sustainability. This facility has been
under discussion between the Government
and the IDB for the last 18 months, led by
Tewarie. The signing took place at a meeting
of Caribbean representatives of the IDB in the
Some of the main objectives of the MOU
include the promotion of energy diversification,
energy efficiency and a reliable supply of alter-
native fuels at a reduced cost in the Caribbean,
designing the governance, operational and
administrative structure of the proposed facility,
including fiduciary and financial mechanisms
and instruments, co-ordinating resource mobil-
isation activities with donors, partners, bilateral
donor agencies, multilateral institutions and
other public and private investors and devel-
oping an adequate fund raising strategy.
The Multi-Donor Energy Facility for
Caribbean Sustainability was first announced
by Prime Minister Kamla Persad-Bissessar at
a meeting in Washington hosted by the United
States Vice President Joe Biden.
"There needs to be an energy solution for
the transformation of the Caribbean
economies. The Prime Minister of T&T made
a commitment when she went to the meeting
hosted by the vice president of the United
States, Joe Biden that T&T would initiate a
process in collaboration with the IDB to build
fund of about US$1 billion," Tewarie said.
This fund, he said, would depend on the
donation of international donors and the
mobilisation for donors would be carried out
by T&T and the IDB.
"When Biden spoke about energy security
in the region, he spoke about the World Bank
becoming involved. The United States could
be a donor too as they are a natural gas pro-
ducer. China has expressed interest and so too
has Japan, the EU and the Canada. There is
world interest in ensuring the Caribbean trans-
forms economically in a meaningful manner,"
Tewarie said the Caribbean countries are in
serious economic problems and the interna-
tional community feels obliged to assist.
"Part of the reason the Caribbean is stuck
is because of the debt they are carrying. Part
of the problem is that the state in these small
countries cannot finance development. So it
is necessary for the private sector to invest.
Fossil fuel driving their economies apart from
being not sustainable is too costly. The energy
matrix of the Caribbean needs to be trans-
formed," he said.
He also said many of the Caribbean countries
are now focusing on renewable energy solu-
"St Lucia and Dominica are looking at geo-
thermal, Barbados is early advanced on solar
power and Jamaica is looking at wind farms.
Alternative energy including natural gas and
CNG is a real option in which T&T has an
interest in supplying the region," he said.
At the end of March, the annual meeting
of the IDB will take place in March in South
Planning Minister Dr Bhoendradatt Tewarie, left, and IDB president Luis Moreno,
after signing an MOU for the establishment of the Multi-Donor Energy Facility for
Transforming Caribbean economies with a
New energy fund
Continued on Page 5
Links Archive February 25th 2015 February 27th 2015 Navigation Previous Page Next Page