10 March 2011: The World Bank approved a US$15 million loan to support an energy efficiency and security project in Jamaica. The project is expected to result in detailed policies and plans on renewable energy, to reduce the country’s high dependence on imported petroleum products and move to cleaner fuels.

The project also will introduce a Liquefied Natural Gas (LNG) program to support off-oil diversification and provide a line of credit/revolving facility through the Development Bank of Jamaica. The credit will provide retail financing to the private sector for energy efficiency and renewable energy investments. The US$15 million loan with a variable spread is payable in 30 years, including a five-and-a-half-year grace period. [World Bank Press Release]