Business View Caribbean - Jan 2024

10 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 1 transmission of electricity with redundancy between key power plants and the demand center, to withstand known natural hazards in the area and thus improve resilience of the entire grid. “Dominicans will benefit from access to more reliable, cost-efficient and sustainable electricity and the private sector will see less interruption to their production, through the second phase of this project. Households, in particular, will enjoy welfare gains fostering improved opportunities for income, education, and healthcare,” said Lilia Burunciuc, World Bank Country Director for the Caribbean. “Supporting women’s participation in the energy sector will also be crucial for the success of the project,” she added. To help responses to future extreme weather events, the project will also facilitate the procurement of emergency spare parts and equipment for efficient and fast repairs, as well as provide technical assistance to improve emergency preparedness, strengthen the regulatory framework, and modernise the grid. Special focus is placed on inclusion. The project will foster women’s participation in Dominica’s energy sector through the provision of educational programs, scholarships, employment and internship opportunities in electrical, mechanical engineering or other relevant areas. This component will be financed by the Canada-World Bank Clean Energy and Forest Climate Facility. “Canada is pleased to support the Canada-World Bank Clean Energy and Forest Climate Facility as part of its climate finance envelope. Through our international climate finance program, Canada takes pride in assisting developing countries in their shift towards low-carbon and more climate- resilient economies, all while adopting a gender- responsive approach. The Dominica Geothermal Risk Mitigation II project is a clear example of how climate finance can effectively tackle gender barriers, ensuring that the clean energy transition is inclusive for all,” remarked, Lilian Chatterjee, High Commissioner for Canada to Dominica. The Dominica Geothermal Risk Mitigation Project II is financed through a World Bank International Development Association (IDA) credit of $38.5 million and a $0.25 million grant from the Canada-World Bank Clean Energy and Forest Climate Facility. IDA credits are a zero to low-interest loan mechanism designed to boost economic growth, reduce inequalities and improve living conditions.