The Inter-American Development Bank (IDB) approved a US$ 170 million Conditional Credit Line for Investment Project (CCLIP) to advance deployment of renewable energy in The Bahamas along with the first operation of the CCLIP in the amount of US$ 80 million.
In its report, the IDB said this first operation will support the Government of the Bahamas with rehabilitation of critical energy infrastructure and restoration of electricity service in the islands affected by hurricane Dorian, while facilitating the introduction of renewable energy.
On September 1st, 2019 The Bahamas was hit by Dorian, a category five hurricane and one of the strongest ever seen before in the country, leaving a trail of destruction to houses, essential infrastructure and entire ecosystems. Hurricane Dorian has impacted approximately 18% of the population mostly in the islands of Grand Bahamas and Abaco and caused an estimated $3.4 billion in damages.
The IDB project will finance the restoration of energy services and the rehabilitation of critical energy infrastructure in areas impacted by the hurricane.
The first operation of CCLIP in the amount of US$ 80 million has a 25 years amortization period, 5.5 years period grace and a Libor-based interest rate.
