The loan will allow the regulatory and legal framework to contribute to a more sustainable energy sector with a focus on renewable energy, increased efficiency, transparency and accountability.
With the help of the IDB loan, new policy and legislation will be prepared for energy efficiency and measures to increase the environmental sustainability of alternative energy fuels such as natural gas and compressed natural gas.
The loan will also promote efficient and rational production and use of fossil fuels and improve institutional capabilities for sustainable energy and public education efforts.
IDB project team leader Natacha Marzolf said the program will promote a sustainable energy framework that will guide exploration, exploitation, utilization 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.
By supporting these moves, the program will contribute to Trinidad and Tobago’s efforts to reduce greenhouse gas emissions.
The loan is for a 20-year term, with a five-year grace period, and carries a variable interest rate based on LIBOR.
