BASSETERRE, ST. KITTS, NOVEMBER 7TH 2006 The Federal Government of St. Kitts and Nevis will guarantee a loan from the Barbados-based Caribbean Development Bank (CDB) aimed at improving the operational capability, efficiency and system reliability of the Nevis Electricity Company (NEVLEC).
The loan equivalent to US$8.4 million to NEVLEC, was among the financing approved at a meeting of CDBs Board of Directors at the Banks Headquarters in Barbados, on October 12, 2006.
~~Adz:Right~~CDB said the financing will enable NEVLEC to add to its generating capacity to meet the projected demand for electricity in Nevis over the next five years and refurbish its low voltage system.
The project is also expected to improve administrative and operational effectiveness through the construction of an operations complex to house all functional departments of the company, except for the generation department. In addition, a Tariff Study and a Loss Reduction Study will form part of the project.
The Government of St. Kitts and Nevis will be guarantor for the loan, which is the second approved by CDB for NEVLEC. The Bank appraised its first project in Nevis in 2001.
