Dominica will receive $10.3 million as part of a European Union Caribbean Investment Facility (CIF) program of a total of $52 million in funding for infrastructure projects for the region.
As part of a larger $52 million Caribbean Investment Facility (CIF) by the European Union, Dominca will receive $10.3 million for the advancement of its geothermal project.
The Caribbean Investment Facility (CIF) was launched by the European Union last week in Bardados with an initial budget of EUR40 million ($52 million). The CIF is a financing mechanism established by the EU in 2012 “to mobilise additional financing from European and Caribbean development and finance institutions.” Energy projects are one of the target areas of the facility.
During the event, a Dominica government official as well as representatives from Agence Francaise de Developpement (AFD) and the European Union signed the agreement for Dominica to receive $10.3 million that will go towards the further development of geothermal energy on the island.