The Caribbean Development Bank (CDB) will assist the Dominica Agricultural Industrial and Development Bank (DAIDB) in implementing a pilot initiative in financing energy efficiency investments by the micro, small and medium-sized enterprises (MSME) in the productive sectors. CDB will provide a loan of US$500,000 to help fund the project.
The project is part of an energy efficiency/renewable energy (EE/RE) programme being rolled out in some of the bank’s borrowing member countries (BMCs) that seeks to encourage greater use of EE/RE and clean energy technologies as part of a wider CDB green economy initiative.
The project in Dominica should result in greater savings in energy consumption and fossil fuel usage derived from the implementation and use of EE/RE technologies deployed MSMEs; the enhanced capacity of DAIDB to identify, appraise and supervise EE and RE projects; and better awareness of the use of EE/RE technologies that contribute to a reduction in energy usage. CDB’s Caribbean Technological Consultancy Services will also provide technical assistance through the provision of energy audits, business plans and technical oversight during sub-project implementation.
Several BMCs are now collaborating with CDB and other development partners to climate-proof their shorelines by building sea defences, and retro-fitting roads and other infrastructure to enable them to endure the now harsher climate conditions. CDB is also working with Canada’s Department of Foreign Affairs, Trade and Development (DFATD), DfID, and the European Union to create more climate-resilient communities.