IDB Releases US$83Mn From Norway Funds For Guyana’s Solar Projects

• The Inter-American Development Bank (IDB) has approved Guyana’s request to tap US$83.3Mn from the Norway fund to develop solar power projects to aid in the diversification of the country’s energy matrix. 
• The US$83.3Mn forms part of the revenues Guyana earned from Norway over the years for the preservation of its forests. According to the agreement Guyana has with the Kingdom of Norway, the money is to be overseen by the IDB to ensure they are invested in projects that propel the social and economic well-being of the Guyanese. As the custodian of those funds, Guyana was therefore obligated to get the IDB’s blessings for its plans to spend the said money. 
• The main objective of the Program is to support the diversification of Guyana’s energy matrix towards the use of climate-resilient renewable energy sources in the electricity generation matrix.

(Source: Kaieteur News)