Suriname, CARICOM Development Fund sign Agreements for Sustainable Energy Development
Mr. Rodinald R. Soomer, the Chief Executive Officer of the CDF (l) and The Hon. Kermechend S. Raghoebarsing, Minister of Finance and Planning of Suriname signing the Agreements
The Republic of Suriname and the CARICOM Development Fund (CDF) signed two important financing agreements in Washington DC in the margins of the World Bank/IMF Spring Meetings. The agreements strengthen efforts to improve energy access and living standards in the interior of Suriname.
Loan Agreement for Sustainable Electricity Supply
In a press release, the CDF said the first Agreement is for a concessional loan of USD$10 million. This amount will be used for the sustainable development of the electricity supply in remote villages. The project will use hybrid systems, combining solar energy with diesel generation. This ensures a reliable and environmentally friendly energy supply. The villages in the Cajanna cluster and the Galibi cluster will benefit from this improved electricity infrastructure. This will not only raise living standards, but also provide new opportunities for economic growth and social development.
Grant Funding for Information and Expansion
The second Agreement is for a Grant of USD$490,000. This amount will be used for project management including monitoring and evaluation, information dissemination and preparations to introduce the sustainable energy system in other villages, the CDF said.
Through workshops, training and awareness campaigns, local communities will be informed about the benefits of sustainable energy. In addition, the Grant will be used to build technical capacity so that more villages can benefit from this innovative solution.
The CEO of CDF said at the signing: ‘Socioeconomic development potential in many isolated settlements is constrained by their disproportionately limited access to reliable and adequate electricity supply. The procurement and installation of the micro-grids financed by the CDF will help improve quality of life and livelihood opportunities, strengthen social cohesion across Suriname, whilst enabling a just energy transition for disadvantaged hinterland communities.’
The Agreements represent not only financial transactions, but above all a commitment to sustainable development, environmental protection and the well-being of communities. Suriname is taking steps towards a greener and more resilient future domestically.
Related Stories
CARICOM and Germany formalise intention to cooperate on sustainable development issues
(Caribbean Community Secretariat, Turkeyen, Greater Georgetown, Guyana) - CARICOM’s efforts to tackle critical sustainable development challenges have
CDF commits US$15M to financing CARICOM’s First Geothermal Power Plant
The CARICOM Development Fund (CDF) and Caribbean Development Bank (CDB) have today signed financing agreements with the Dominica Geothermal Power Company (2023) limited (DGPC)