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US$13 million loan for Jamaica

BEA DOTTIN, [email protected]

US$13 million loan for Jamaica

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KINGSTON, Jamaica – The Jamaica government is holding discussions with the Inter-American Development Bank (IDB) on financing for a US$13 million energy saving programme for the public sector, projected to start this year.
Finance Minister Audley Shaw said that an energy audit has identified potential savings of US$30 million per annum from the project.
 Shaw noted that, in recognition of the need for energy efficiency, the Bruce Golding government has already entered into a technical assistance agreement with the IDB for a grant of US$350,000, to identify and address energy efficiency in the public sector.
In the meantime, the completed energy audits have been distributed to the related entities, to commence implementing energy saving initiatives that do not require capital.
Additionally, Shaw said government will also sign a $1.3 billion (US$15 million) loan agreement with the World Bank to finance an energy security and efficiency enhancement project.
“The loan will fund various projects which will be administered by the OUR (Office of Utilities Regulation), the Bureau of Standards and the Development Bank of Jamaica (DBJ),” he added. (CMC)