Caribbean Development Bank Issues Loan for Dominica's Post-Hurricane Recovery
The Caribbean Development Bank (CDB) announced Sunday it will provide US$16 million in funding to the Caribbean island of Dominica through its electric company, Dominica Electricity Services Limited (DOMLEC), to restore electric services to the country following the devastation from several Hurricanes.
Last September the island was devastated by category five hurricanes Irma and Maria, which gravely damaged Dominica’s infrastructure, including its electrical grid. Approximately 75 percent of the network was destroyed or damaged last year, while until January 2018 less than 20 percent of electric services had been restored.
The CBD’s board of directors approved on March 22 the provision of a loan of US$15.8 million and a grant of US$200,000 to restore DOMLEC’s transmission and distribution system, while improving the company’s infrastructure resilience to natural disasters.
Daniel Best, director of projects at the CDB, told the press “in the immediate aftermath of Hurricane Maria, Dominica was completely without electricity services. We know that the provision of electricity is critical to the social and economic well-being of citizens and residents of the island. DOMLEC has been working diligently to restore service to the island and this project aims to support those efforts and accelerate the pace of reconstruction.”
The project financed by the CDB loan includes reconstruction of the transmission and distribution system, consultancy services for soil analysis to ensure the strategic placement of light poles, and a climate vulnerability risk assessment for long-term climate resilience measures.
Caribbean News Now reported funding for the loan includes resources provided by the European Investment Bank (EIB) and the Inter-American Development Bank (IDB).