NASSAU, The Bahamas – The Commonwealth of The Bahamas and the Inter-American Development Bank (IDB) signed a US$9 million agreement to rebuild critical energy infrastructure impacted by 2019’s Hurricane Dorian. The program “Reconstruction with Resilience in the Energy Sector in The Bahamas” will integrate cutting-edge solar technologies and innovative resilient solutions to transform the country’s energy sector.
The initiative is funded through a grant by the European Union Caribbean Investment Facility (EU-CIF) that is administered by the IDB.
“The Bahamas’ energy ecosystem was already vulnerable and faced structural challenges before the hurricane,” said IDB Country Representative, Daniela Carrera-Marquis. “With this project, we have the opportunity to continue supporting the country to build towards resiliency with affordable energy sources and decouple economic growth from imported fossil fuels and CO2 emissions.”
The project will restore and enhance security of the electricity service through the adoption of climate-resilient renewable energy infrastructure. Its goals are to promote the adoption of resilient Solar Photovoltaic (PV) technologies and develop local skills for services related to solar PV generation systems, fostering participation of women and persons with disabilities. The initiative will also help integrate renewable energies by developing a policy and regulatory framework for renewable solutions.
In addition to the EU-CIF grant, the IDB will provide a US$80 million loan toward the reconstruction of The Bahamas’ energy infrastructure. The loan is the first operation of a US$170 million credit line for investment projects advancing renewable energy in the country. The project is aligned with the Government of The Bahamas’ Blueprint for Change to strengthen the country’s economy and the IDB’s Vision 2025 agenda for recovery and sustainable growth in Latin America and the Caribbean. This financial instrument also provides timely resources to help The Bahamas achieve its National Energy Policy goal of having renewable sources provide 30% of electricity generation by 2030.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance, and training to public and private sector clients throughout the region.
Nunez Zelaya,Anamaria
Golda Lee Bruce
