ECCB-World Bank Signing Ceremony for Landmark Financing Agreement Marks New Phase of Resilient Energy Development in the Caribbean
17 July 2025, Basseterre, Saint Christopher (St Kitts) and Nevis – Eastern Caribbean countries have signed a groundbreaking, multi-million-dollar financing agreement with the World Bank under the Caribbean Resilient Renewable Energy Infrastructure Investment Facility (RREIIF), paving the way for increased energy security, reduced energy costs, improved global competitiveness, innovation and climate resilience in the Eastern Caribbean Currency Union (ECCU).
RREIIF is a regional World Bank-financed initiative developed under the leadership of the Eastern Caribbean Central Bank (ECCB) in partnership with ECCU member governments. Through this innovative regional financing Facility, designed for scalability, countries will benefit from extensive technical support and assistance—strengthening national and regional institutions for project preparation and development. A regional risk mitigation fund will provide partial credit guarantees and other credit enhancements, unlocking private sector finance for projects. The initiative will also increase resilience of power systems via funding for grid modernisation and battery storage, as well as emergency response funding in case of crisis.
The ECCB and the World Bank hosted the signing ceremony on Friday, 11 July at the St. Kitts Marriott Hotel, to commemorate the signing of the US$115.0-million-dollar concessional anchor financing package. This is a significant milestone on the path to implementation, formalising the commitment of all parties and laying the foundation for a new phase of climate-resilient energy development in the region.
The World Bank, through its Director for the Caribbean Countries, Lilia Burunciuc, executed legal agreements for the project financing package for Phase One with the following:
- Grenada, signed by Minister for Finance, the Honourable Dennis Cornwall;
- Saint Lucia, signed by Director for Finance, Imran Williams;
- Saint Vincent and the Grenadines, signed by Minister of Foreign Affairs, the Honourable Frederick Stephenson; and
- The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC), signed by its Chief Executive Officer, Carmen Gomez-Trigg.
The World Bank also executed an agreement with Saint Christopher (St Kitts) and Nevis, signed by Prime Minister and Minister for Finance, the Honourable Dr. Terrance Drew, for project preparation grant to enable participation in the second (2nd) phase of the RREIIF.
ECCB Governor Timothy N.J. Antoine specially thanked Kieran St Omer, ECCB’s Project Lead for the RREIIF, and Neha Mukhi, World Bank Task Team Lead, for their hard work and commitment in driving the project to this stage.
The ECPCGC—a collaboration between the ECCB and the World Bank—will play an important role in the project by implementing the risk mitigation fund that RREIIF is offering to attract and mobilise private sector financing.
Governor Antoine said, “We [the ECCB] are involved in this renewable energy project because we care deeply about our region and our prospects for transformation. We understand that we cannot transform this region if we do not transform our energy situation.” The Governor explained that close to US$500 million of the ECCU’s foreign reserves are expended/used on an annual basis to pay for energy. Furthermore, ECCU countries pay among the highest electricity tariffs, between US$0.35 and US$0.40 per kilowatt-hour, a situation that makes them less competitive in the tourism industry when compared with countries that have lower electricity rates and cheaper hotel room rates.
RREIIF ultimately seeks to advance the scale and pace of resilient energy infrastructure development while lowering energy costs, protecting livelihoods, and promoting job creation and skills enhancement. The initial phase of implementation is being rolled out in Grenada, Saint Lucia and Saint Vincent and the Grenadines. Phase Two is underway, as RREIIF expands the roster of participating Caribbean countries with Saint Christopher (St Kitts) and Nevis and the Commonwealth of Dominica confirming their participation and being enabled via project preparation grants. A technical workshop, which focused on project implementation, regional priorities and next steps, followed the signing ceremony.
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About the Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank (ECCB) was established in October 1983. The ECCB is the Monetary Authority for: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Christopher (St Kitts) and Nevis, Saint Lucia and Saint Vincent and the Grenadines.
Media Contact: Shermalon Kirby, Director, Corporate Relations Department
Phone: (869) 465-2537 | Mobile: (869) 662-2561
E-mail: info@eccb-centralbank.org
Project Lead: Kieran St. Omer: kieran.stomer@eccb-centralbank.org
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