During his visit to Kingston, Jamaica yesterday, Thursday 9 April 2015, United States President Barack Obama announced a new US$20 million loan facility to encourage investment in clean energy projects in the Caribbean. Obama was in Jamaica to meet with Caricom heads of government before attending the Seventh Summit of the Americas in Panama.
The new facility announced by the White House will provide early-stage funding to catalyze greater private and public sector investment in clean energy projects. It will draw on the expertise of the US Overseas Private Investment Corporation (OPIC) and the US Trade and Development Agency (USTDA) in coordination with the US Agency for International Development (USAID) and the Department of State.
“Caribbean countries have some of the highest energy costs in the world,” Obama said. “Today we are announcing new partnerships and a new fund to mobilize private sector projects in clean energy for the Caribbean and Central America,” said Obama, as reported in the Jamaican Observer.
The initiative is part of the Caribbean Energy Security Initiative, which aims to reduce the region’s reliance on fossil fuels.
Speaking at the start of multilateral talks he was co-chairing at the University of the West Indies (UWI) Regional headquarters in Kingston, President Obama described the high cost of energy as a major challenge to the region’s development.
An NBC analyst comments that recent closeness between China and the English-speaking Caribbean countries, including major investments in infrastructure and business in Jamaica, could have prompted Obama’s visit to Jamaica.
Obama will be in Panama as of today, Friday 10 April 2015 for meetings with other heads of government of the Americas.
Read more: http://iipdigital.usembassy.gov/st/english/texttrans/2015/04/20150409314600.html#ixzz3WqjAozY9
http://www.jamaicaobserver.com/news/President-Obama-announces-fund-for-clean-energy-projects-in-Caribbean
http://www.msnbc.com/rachel-maddow-show/why-obama-went-jamaica