Loan Agreement Jamaica

“An additional funding of approximately $10 million is also affected by the European Union Investment Facility for the Caribbean (EUCIF). The second Japanese financing contract of $15 million is expected to be signed on 23 November and the $10 million grant agreement between the government and the European Union is expected to be signed shortly thereafter,” the minister said. The government has signed a $15 million loan agreement with the Inter-American Development Bank (ASD) to support the costs of implementing the Energy Management and Efficiency Program (EMEP). “Today is a great moment because it doesn`t just focus on energy efficiency by bringing $7 million in savings to your budget each year. We see this as a very small element compared to what the largest energy plan and policy will provide to the country over time. Much of Jamaica`s import bill goes to importing fuels, so it is currently very weighted on heavy fossil fuels. Jamaica is really the country that sets the pace of reform,” she said. It is being created as an ideal program, which will strengthen the government`s efforts to diversify the energy mix towards the creation of a modern, efficient and environmentally sustainable energy sector. Shaw said EMEP was important to the nation to reduce its dependence on imported fossil fuels. The objective of the DVRP is to support the strengthening of Jamaica`s resilience in the areas of disaster management and climate.

The project consists of four (4) components: technical assistance to improve disaster resilience and climate, risk reduction, emergency response component (CERC) and project administration. The DVRP is implemented through the Jamaica Fund for Social Investment (JSIF). He said the EMEP`s objectives are consistent with the Vision 2030 plan for national targets, that they refer to “energy safety and efficiency” and “sustainable management and exploitation of environmental and mineral resources,” and that they include solar and wind energy.