 BASSETERRE, St Kitts – The Eastern Caribbean Central Bank, in collaboration with the World Bank has established a Resilient Renewable Energy Infrastructure Investment Facility for the Eastern Caribbean Currency Union (ECCU). This project aims to make it easier for the eight ECCB member countries to access finance to fund renewable energy projects. A transition to renewable energy sources holds a range of benefits including job creation, lower electricity bills and a cleaner environment.
Speaking on this week’s episode of ECCB Connects, Senior Energy and Climate Consultant at the World Bank, Neha Muhki, says the goal of the project is to develop renewable energy on a large scale to attract private capital investors in these renewable plants. This, she says, will reduce the large importation bill of fossil fuels across the region.
Muhki adds that this facility brings together a whole ecosystem of solutions for the renewable energy sector providing support on project preparation, competitive procurement and financial innovation to help reduce barriers to financing. Another objective is to strengthen the national power grids of the countries of the region.
Senior project officer at the ECCB, Keiran St Omer, outlines some of the major benefits for the region which include technical support, capacity strengthening and providing direct support for financing. The programme is expected to be fully operationalised in 2025.
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