WASHINGTON, DC — Committed to jointly supporting the Eastern Caribbean to expand renewable energy and energy efficiency, the Caribbean Development Bank (CDB), the Japan International Cooperation Agency (JICA) and the Inter-American Development Bank (IDB) gathered today to sign a memorandum of cooperation (MOC). Held in the presence of the Prime Minister of Japan, the Prime Minister of Trinidad & Tobago and the Prime Minister of Antigua and Barbuda, the signing took place at the Japan-Caribbean Community (CARICOM) Conference in Port of Spain, Trinidad & Tobago.
Signed by CDB Vice President Mr. Nigel Romano, JICA Vice President Mr. Toshiyuki Kuroyanagi, and Mr. Gerard Johnson, General Manager of IDB’s Country Department Caribbean Group, the collaboration will support renewable and efficient energy in the Eastern Caribbean. For example, geothermal energy is one of the most reliable renewable energy sources in the region with the highest potential to decrease electricity cost generation and foster competitiveness. Within the framework of this MOC, the partners will explore different financial arrangements to diversify the energy matrix by leveraging programs like the Co-Financing for Renewable Energy and Energy Efficiency (CORE) Program established by the IDB and JICA.
"The economic resurgence of the region depends on resolving the pervasive energy challenge. This memorandum of cooperation will provide the basis for the three development institutions, JICA, CDB and the IDB to collaborate in expanding the opportunities for increasing energy efficiency and renewable energy to more Caribbean countries." said Gerard Johnson, IDB General Manager.