By the Caribbean Journal staff
The Inter-American Development Bank has approved a $60 million loan to help Trinidad and Tobago transition to a sustainable energy matrix.
The loan, which is the first in a series of three consecutive operations, will aid the regulatory and legal framework to contribute to a more sustainable energy sector.
“The programme will promote a sustainable energy framework that will guide exploration, exploitation and monetization of energy resources where energy efficiency, renewable energy sources such as solar water heaters, alternative energy fuels, carbon reduction and innovation play a strategic role,” said IDB Project Team Leader Natacha Marzolf.
The loan is for a 20-year term with a five-year grace period, with an interest rate based on LIBOR.