News
August 3, 2007
SVG seeking alternative energy

Often times manufacturers complain that the high cost of energy in St Vincent and the Grenadines (SVG) is the main factor that hampers production, hence Lennox Lampkin, Executive Director of the SVG Chamber of Commerce is looking at ways to remedy that situation in order to improve this country’s competitive edge regionally and within the wider hemisphere.{{more}}

Lampkin told SEARCHLIGHT that this country’s dependency on fossil fuels, which translates into very high energy costs, impacts negatively on our development. He is therefore looking at harnessing wind power to produce energy. This is not a new concept for this country, however, in Lampkin’s case, the European Investment Bank (EIB) is paying serious attention.

The EIB is a European Union (EU) institution that works closely with the European Commission and invests on the International capital markets. 85% of earnings goes into Europe while the remaining 15% is used for private and some public sector financing in the rest of the world. All financing is for long-term 20 to 30 year projects.

SEARCHLIGHT caught up with Lampkin and Donal Cannon an Investment Officer at the EIB while they were relaxing at a café in Bequia. Cannon, who was on a ten day visit to the Caribbean spent two days in St. Vincent and the Grenadines as a guest of the Chamber; he also met with officials of the General Employees Cooperative Credit Union (GECCU). “I am just looking for as much business as I can generate, we’ve explored many ideas for future opportunities”, Cannon said.(AC)