The Inter-American Investment Corporation (IIC), the private sector arm of the Inter-American Development Bank (IDB) Group, signed a US$3 million loan to Arawak Port Development (APD Limited), a public-private partnership set up between the private sector and Government of the Bahamas.
The project will finance the installation of a rooftop solar photovoltaic system on APD Limited's main building at the port, as well as financing the retrofit of the port’s terminal lights to LED, along with other energy efficiency activities at the port.
The solar photovoltaic system will provide approximately 80,000 kWh over the course of its first year and reduce the company’s carbon footprint by decreasing consumption of electricity from the grid through an investment that generates zero-emission electricity. Once the LED conversion has been completed, the port anticipates a further reduction in fossil fuel power generation of 220,000 kWh each year, bringing the total annual reduction to approximately 300,000kWh.
APD Limited is committed to preserving the environment through clean technology and the projects anticipated are a part of its scheme to meet this commitment.
About the Inter-American Investment Corporation (IIC)
The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank Group (IDB Group), is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. The IIC finances sustainable enterprises and projects to achieve financial results that maximize social and environmental development for the region. With a current portfolio of US$11 billion under management and 350 clients in 21 countries, the IIC works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.
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.
- José Luis Lobera
[From left to right: Paulo Martelli, IIC team leader; Michelle Evans, IDB Private Sector Consultant; Mike Maura, President & CEO, APD; Florencia Attademo-Hirt, IDB Representative in The Bahamas; Yvette Rahming, Asst. VP, In-House Legal Counsel & Head of Safety, APD; Javier Rodríguez de Colmenares, IIC Chief of Infrastructure; Dion Bethell, VP & CFO, APD|]