News

Caribbean Needs $30 Billion to Modernize Infrastructure in Next Decade

By: Caribbean Journal Staff - July 1, 2014

Above: Caribbean Development Bank President Dr Warren Smith (CJ Photo)

By the Caribbean Journal staff

The Caribbean region needs some $30 billion USD to modernize its infrastructure over the next decade, according to Caribbean Development Bank President Dr Warren Smith.

The CDB’s top official, who was speaking at the recent UK-Caribbean Business Conference in London, said the money would be needed to modernize and enhance “the efficiency of the power, transportation, telecommunications and water and wastewater sectors.”

“In the energy sector alone, massive investment will be needed to replace obsolete and inefficient generating plant over the next five years and to transform the electricity infrastructure so that the region’s vast renewable energy potential can be exploited,” Smith said.

The Caribbean Development Bank is “actively promoting” a new green economy paradigm for sustainable growth, he said, nothing that energy efficiency and green energy sources would create “opportunities for the growth of new non-traditional businesses, lower electricity costs and boost foreign exchange reserves by reducing energy imports.”

“Most of our countries are highly dependent on imported fossil fuels for power generation,” he said. “This vulnerability to volatile oil prices has contributed hugely to the competitiveness challenges of Caribbean industries. It has also been a principal cause of unsustainable balances of payments and sovereign indebtedness problems.”

Smith said the CDB had, in recent years, financed photovoltaic systems in remote areas of the CAribbean, among other green projects.

Popular Posts w punta cana

A New All-Inclusive W Hotel Is Opening This Year in Punta Cana 

The first-ever all-inclusive W Hotel in the Caribbean is opening this year in Punta Cana, Dominican Republic, Caribbean Journal has learned.  The hotel, part of a broad expansion for parent company Marriott International, is on the list of expected 2024 […]


Why Grenada Is a New Caribbean Luxury Hotspot

beach house silversands

From its world-renowned chocolate to its pristine beaches to a region-leading focus on sustainability, Grenada is as fascinating and unique as destination as you’ll find in the Caribbean.  But in the last few years, the lush Eastern Caribberan island has […]


5 Adults-Only Resorts to Visit Right Now in the Caribbean 

galley bay

Sometimes you just want that extra degree of serenity, of privacy, of seclusion. There is a reason, after all, that adults-only resorts are booming in popularity, particularly in the Caribbean: travelers want to know that when they arrive, they know […]


Related Posts nobu los cabos

Frontier Is Adding a New Nonstop Flight to Los Cabos 

It’s one of the most popular hotel destinations in Mexico: Los Cabos, which has seen a broad boom in recent years with the entry to market of brands like Nobu, Thompson, Marriott and Waldorf Astoria, among others.  That has led, […]


This Former Caribbean Rockefeller Resort Is for Sale

caribbean rockefeller resort

In 1986, Laurance Rockefeller, the founder of Rock Resorts, developed 27 acres of prime beachfront land into what was for decades one of the sought after places to stay in the Caribbean. Now, the four-star, 150-room resort is for sale, […]


Vote for the 2024 Caribbean Green Awards, from Green Energy to Sustainable Hotels

caribbean green

Hotels serving organic food grown by local farmers. Airports powered by large solar fields. Pristine coastlines protected by marine parks. Real estate developments fueled by clean energy. It’s an exciting time for the Green movement in the Caribbean, a region […]


SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You