Bridgetown, Barbados -- Dominica is among the first to benefit from a US $ 52 million Caribbean Investment Facility (CIF), which was launched by the European Union in Bridgetown, Barbados on Friday, March 22, 2013.
During the event, a Dominica government official as well as representatives from Agence Francaise de Developpement (AFD) and the European Union signed an agreement for Dominica to receive US $ 10.3 million that will go towards the further development of geothermal energy on the island.
Barbados and other Caribbean countries are also expected to benefit under the CIF in the areas of communication, water and sanitation, interconnectivity, energy, transportation, disaster mitigation and adaptation, and social services infrastructure.
The CIF was created last year by the European Union to mobilize additional financing from European and Caribbean development and finance institutions to assist Regional countries in their development thrust.
It is anticipated that most of the funding will go towards investment projects. The CIF will also target eradication of poverty and climate change issues.