LONDON–(BUSINESS WIRE)–The Commonwealth of Dominica, a small island in the Caribbean, reaches a
new milestone in its feat to become “the world’s first climate-resilient
nation”. Dominican Prime Minister Roosevelt Skerrit and the World Bank
Regional Director Tahseen Sayed Khan signed a financing agreement
earlier this month worth US$27 million.
The World Bank funding, along with sponsorship from the Citizenship by
Investment Programme and others, will go towards developing a 7MW
geothermal plant on the island. This will help Dominica diversify its
energy mix, increasing its renewable energy share from an already
impressive 25% to 51%. The next steps include selecting contractors,
acquiring land, and other activities which the Government will undertake
in the following weeks in order to see this commitment delivered
efficiently.
“The signing of this agreement today is another milestone in our quest
to develop the geothermal potential of Dominica,” Prime Minister Skerrit
explained as he stressed the need to reduce reliance on fossil fuels.
Mrs Tahseen Sayed Khan noted that exporting clean energy from Dominica
could also serve as a tool to diversify the economy: “this is a very
important milestone for pursuing the agenda of renewable and
demonstrable commitment of Dominica’s goal of becoming
climate-resilient.”
Earlier this year, Dominica prohibited all single-use plastic and
Styrofoam containers, a move hailed by National Geographic as one of the
most comprehensive bans in the world. The island has also dedicated
itself to providing a large portion of its population with affordable,
weather-resistant homes, built to withstand the strongest hurricanes.
This is known as the “Housing Revolution”, which is funded entirely by Dominica’s
Citizenship by Investment (CBI) Programme – an initiative that
enables global individuals and their immediate relatives to acquire
second citizenship through an economic contribution. Highly vetted
investors have two options: either contribute to a government-held fund
or buy into selected real estate. In turn, the island channels the funds
into building climate resilience and developing several key sectors,
like healthcare, education, ecotourism and infrastructure. For the last
two years, Dominica’s CBI Programme has been internationally recognised
as the world’s best offering for second citizenship by experts at Financial
Times’ Professional Wealth Management magazine, praised for its
efficiency, due diligence and transparency.
CS Global Partners is the international legal advisory mandated by
the Government to promote the Citizenship by Investment Programme
worldwide.
Contacts
Thomas Kohn
[email protected]
+(44)2073184343
www.csglobalpartners.com
