IDB energy efficiency fund study to wrap up by year-end

Studies being undertaken by two consultants from the Inter-American Development Bank (IDB) who are working with Jamaica's energy department to put together an energy efficiency fund are set to wrap up by year-end, an energy department source told BNamericas. The IDB consultants began studying the energy needs of the Caribbean nation about two months ago in response to the urgent need to cut the country's oil import bill, which is expected to come to US$1bn this year. The fund will be available to private and public energy sector players. A budget has not yet been decided on, and exactly where the funding will come from "is being looked at now," the source said. The fund would last for 2-3 years, when it would be re-assessed for its possible renewal, according to previous reports. Commercial banks, credit unions and other approved institutions are potential financing candidates. The energy department expects to implement the fund next year, probably within the first half, the source added.