T&T signs historic MOU with IDB to support the energy transformation process in the Caribbean

Minister Tewarie and IDB President Luis Moreno shake hands after signing this historic MOU.

President of the Inter-American Development Bank (IDB) Mr. Luis Alberto Moreno and the Minister of Planning and Sustainable Development, Senator Dr. the Honourable Bhoendradatt Tewarie yesterday signed a Memorandum of Understanding (MOU) for the establishment of the Multi Donor Energy Facility for Caribbean Sustainability. This facility has been under discussion between the Government of Trinidad and Tobago and the IDB for the last 18 months led by the Honourable Minister of Planning and Sustainable Development.

The objective of the MOU is to formalize a non-exclusive framework of cooperation and to facilitate collaboration between the IDB and the Government of Trinidad and Tobago to establish modalities for the mobilization of donors to the fund and to work out details on the operationalization of the Fund.

The MoU speaks to collaboration with regards to the following:

– the promotion of energy diversification, energy efficiency and a reliable supply of alternative fuels at a reduced cost in the Caribbean;
– designing the governance, operational and administrative structure of the proposed facility, including fiduciary and financial mechanisms and instruments;
– developing an adequate fund raising strategy;
– co-ordinating resource mobilization activities with donors, partners, bilateral donor agencies, multilateral institutions and other public and private investors,
– identifying delivery methods that make energy security and competitiveness in the region possible.

Minister Tewarie met earlier in the day with IDB Governors from Barbados, The Bahamas, Guyana, Jamaica and Suriname to outline the thinking and to elaborate on the benefits of such an initiative. Governors at the meeting commended Trinidad and Tobago on ‘a bold step’ and ‘a generous initiative.’

The Multi Donor Energy Facility for Caribbean Sustainability was first announced by Prime Minister Kamla Persad-Bissessar at a meeting in Washington hosted by the United States Vice President Joe Biden. Minister Tewarie is leading a team in the Bahamas at the Fourth Annual IDB Governors a Regional Meeting where the IDB President consults annually with the Caribbean Governors of the Bank.
Minister Tewarie can be reached for further comment at 685-8612.