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) have signed a memorandum of cooperation (MOC) in this regard.
Held in the presence of the Prime Minister of Japan Shinzo Abe, the Prime Minister of Trinidad & Tobago Kamla Persad-Bissesar and the Prime Minister of Antigua and Barbuda Gaston Browne, the Washington, D.C.-based IDB said on Monday that the signing took place at the Japan-Caribbean Community (CARICOM) Conference in Port-of-Spain, Trinidad & Tobago.
The IDB said the MOC was signed by CDB Vice President Nigel Romano, JICA Vice President Toshiyuki Kuroyanagi and Gerard Johnson, general manager of IDB’s Country Department Caribbean Group.
The IDB noted that 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 the MOC, the IDB said the partners will explore different financial arrangements to diversify the energy matrix by leveraging programs such as 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,” Johnson said.