ADB, Marshall Islands sign agreement to boost energy security
17 December, 2018, 5:35 pm
MANILA,17 DECEMBER 2018 (ADB) – The Asian Development Bank (ADB) and the Government of the Republic of the Marshall Islands signed project and grant agreements for an ADB-supported Energy Security Project which will boost energy security and clean energy in the Marshall Islands.
ADB Executive Director Shahid Mahmoud, on behalf of the Marshall Islands government, and ADB Director General for the Pacific Carmela Locsin signed the agreements at ADB headquarters Friday.
ADB is providing a US$12.7 million grant from its Special Funds resources. The Government of the Republic of the Marshall Islands is contributing a US$3.1 million grant, and the Marshall Islands Energy Company will provide a US$1 million grant to the project.
“The Energy Security Project will help the Marshall Islands improve energy security and transform their diesel-based power systems to sustainable renewable energy generation sources,” said ADB Energy Specialist for the Pacific Michael Trainor.
The project will also reduce the safety and environmental risks associated with the handling and storage of refined petroleum products and ensure the safe and reliable operation of the existing fuel tank farm is sustained and supply of fuel to power generation facilities throughout the country is continued.
In 2017, ADB approved a new Pacific Renewable Energy Investment Facility, which is financing a series of renewable energy projects and sector reform in the smallest 11 Pacific island countries consisting of the Cook Islands, the Federated States of Micronesia, Kiribati, Nauru, Palau, the Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu. The Energy Security Project is one of the projects being financed through the facility.