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.