May 26, 2022 media 0

$26m boost for energy fund – NationNews Barbados — nationnews.com

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Posted on May 25, 2022

Article by
Sheria Brathwaite

From left: Programme manager at the Ministry of Energy and Business, Keisha Reid; IDB representative Viviana del Carmen Alva Hart; head of the cooperation delegation of the EU to Barbados, Luis Maia; Deputy Permanent Secretary in the Ministry of Energy and Business Debra Dowridge; investment manager at Enterprise Growth Fund, Ferdinand Straughn; and general manager at FundAccess, Esther Lord-Graham, in discussion after the press conference. (Picture by Jameel Springer.)

Barbershops, salons, minimarts and other small businesses can now access funding to upgrade their businesses into energy-smart and energy-efficient facilities, thanks to the European Union and the Inter-American Development Bank.

The two international agencies together made available BDS$26.2 million to the fund to allow small and medium-sized business to get financing to invest in a range of sustainable energy products such as solar photovoltaic systems; solar water heaters; small wind systems; electric-powered transportation; LED lighting; and inverter air conditioning units.

This was revealed yesterday at a press conference at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St Michael, to launch phase two of the Ministry of Energy and Business’ flagship programme called the Energy Smart Fund initiative.

Deputy permanent secretary of the Ministry of Energy and Business Debra Dowridge said Barbados was depending too heavily on fossil fuels and in 2019 the island spent $728.1 million on importing oil products, which was $16 million more than what was spent in the previous year. (SB)

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