Addressing a private business forum, Dominica’s Prime Minister Roosevelt Skerrit, has announced government plans to expand the country’s geothermal energy sector with capital injections of EC$45 million (US$17 million). The funds, the PM said, would come entirely from contributions the government receives under the Dominica Citizenship by Investment Program.
A volcanic island nation, Dominica is richly endowed with geothermal energy, but the capital-intensive nature of any project designed to extract the subterranean resource had left it untapped until recently. Flush with CIP-cash, the government is now accelerating the development of the nascent industry, which promises to lower the island’s energy costs by a significant margin, as well as create employment for scores of Dominicans.
Capital raised from the CIP has also been instrumental in relief and reconstruction efforts following tropical storm Erika, which left a trail of devastation on the island in 2015.