Bridgetown, Barbados, 12^th September 2019: The details of a major new financing facility that will make it easier for businesses to access credit to implement renewable energy solutions, are currently being designed in preparation for implementation in the Caribbean region.

The Credit Risk Abatement Facility (CRAF) is being developed by the CARICOM Development Fund (CDF), in collaboration with the Caribbean Community Secretariat (CARICOM) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), to help small and medium-sized enterprises (SMEs) finance renewable energy and energy efficiency initiatives.

Phase 1 of the project was completed in July 2018 with the hosting of a regional stakeholders’ workshop in Suriname, which validated the outlines of the proposed instrument and supporting pillars.

The Phase 1 consultant, Camco Clean Energy has now been contracted to help the CDF to finalise key design elements of the CRAF – including a Technical Assistance Program (TAP), Credit Risk Instrument (CRI) and a Monitoring and Evaluation framework and plan. In addition, they will assist in the launch of an operational and capitalised pilot in at least two CARICOM countries as part of Phase 2.

Preparing the pilot for launch will involve finalising the CRAF’s institutional design, governance and corporate structure, including drafting all associated policies and procedures and documenting all relevant business processes. It will also require completing an initial transaction pipeline for the pilot, along with identifying and signing on a first set of participants and energy service providers.

Wayne Vitalis, Financial Controller for the CDF stated: “We are looking forward to the completion of Phase 2 of the CRAF so that the region’s promising energy efficiency and renewable energy sectors can be supported with innovative tools and services to facilitate SMEs’ easier access to financing.”

Geoff Sinclair, Managing Director at Camco Clean Energy, said: “Camco is honoured to be assisting the CDF again to develop this important and ground-breaking facility. We look forward to working together and delivering a mechanism for supporting SMEs to take up renewable energy and energy efficiency investment opportunities across the region.”

To see the full press release, and for media enquiries, click here.

To find out more about the project, click here.