Project profile — Supporting Renewable Energy and Energy Efficiency in the Caribbean (EcoMicro)



Overview 

CA-3-D002427001
$7,200,000
IDB - Inter-American Development Bank (46012)
2016-03-21 - 2024-12-31
Operational
Global Affairs Canada
NGM Americas

Country / region 

• Saint Lucia (6.00%)
• Guyana (7.14%)
• Belize (18.20%)
• Trinidad And Tobago (7.15%)
• Jamaica (7.14%)
• Dominica (6.00%)
• Suriname (5.56%)
• Grenada (6.00%)
• West Indies, regional (36.81%)

Sector 

• Energy Generation, Distribution And Efficiency - General: Energy education/training (23181) (50.00%)
• Industry: Small and medium-sized enterprises (SME) development (32130) (50.00%)

Policy marker 

• Gender equality (not targeted)
• Environmental sustainability (cross-cutting) (significant objective)
• Participatory development and good governance (not targeted)
• Trade development (not targeted)
• Biodiversity (not targeted)
• Climate change mitigation (principal objective)
• Climate Change Adaptation (significant objective)
• Urban issues (not targeted)
• Desertification (not targeted)
• Children's issues (not targeted)
• Youth Issues (not targeted)
• Indigenous Issues (not targeted)
• Disability (not targeted)
• ICT as a tool for development (not targeted)

Description 

This project aims to increase the adoption of renewable energy and energy efficiency in the Caribbean by working with microfinance institutions (MFIs) to develop green financial products. These products are suitable for micro-, small- and medium-sized enterprises (MSMEs) and low-income households to take advantage of renewable energy and energy efficiency solutions. Project activities include: (1) identifying technical assistance and green technology providers and matching them to partner MFI’s; (2) completing loan portfolio vulnerability assessments and strengthening management information for each participating MFI; (3) developing a loan portfolio risk management strategy for each participating MFI; and (4) developing and making green finance products available for MSMEs and low-income households.

Expected results 

The expected outcomes for this project include: (1) strengthened the capacity of 10 to 15 microfinance institutions to finance green energy products for up to 1,000 MSMEs and low-income households; (2) increased use of renewable energy and energy efficiency products by MSMEs; and (3) reduced energy costs for low-income households in the Caribbean

Results achieved 

Results achieved as of March 2023 include: (1) completed five country-level projects; (2) developed and launched 18 green finance products; (3) disbursed 178 green finance loans totaling US 2.14 Million; (4) reached 4,081 stakeholders through awareness building; (5) developed eight climate risk management tools; (6) developed and implemented ten institutional greening policies; and (7) trained 717 staff at partner financial institutions.

Budget and spending 


Original budget $0
Planned disbursement $0
Transactions
Country percentages by sector
Type of finance Aid grant excluding debt reorganisation
Collaboration type Bilateral
Type of aid Project-type interventions
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