Early Warning System

Countries

St. Vincent and the Grenadines

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

Caribbean Development Bank (CDB)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Active

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

May 1, 2017

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Government of St. Vincent and the Grenadines

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Loan Amount (USD)

$ 4.20 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Project Cost (USD)

$ 6.03 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Bank Documents

Primary Source

Original disclosure @ CDB website

Updated in EWS Jun 22, 2023

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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the CDB, the project will reduce the consumption of fossil fuel-generated electricity through energy efficiency measures and renewable energy substitution, resulting in lower greenhouse gas emissions in St. Vincent and the Grenadines.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

Caribbean Development Bank (CDB)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated on the companies' websites:

The formation of St. Vincent Electricity Services Limited (VINLEC) in 1961 set the pace for the development of the electricity sector in the country. During the early 1970’s the government of St. Vincent and the Grenadines acquired 49% shares, while 51% remained with the CDC. The operations were further streamlined with the enactment of the Electricity Supply Act of 1973. On July 1st 1985, VINLEC became a state owned entity, when the government acquired the remaining 51% shares of the Company.

Argyle International Airport is the newest gateway to St. Vincent & the Grenadines and the newest International Airport in the Eastern Caribbean following the commencement of Operations in February 2017.It will be in charge of the operation and maintainance of the solar PV plant.

According to Bloomberg, Ozz Electric Inc. operates as an electrical contracting company. The Company offers design build, wiring and electrical installation, power installation, fire alarm installation, advisory, temporary electrical systems, building management systems, lighting control systems, and data communication and network systems. Ozz Electric serves customers in Canada.
It will be in charge of the construction works for the project.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Argyle International Airport Inc.	Contractor	Transport
-	-	-	-	OZZ Electric Inc.	Contractor	Energy
-	-	-	-	St. Vincent Electricity Services Limited	Client	Energy

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

CDB Team Leaders:

Mr. Daniel Best - Director, Projects Department
Email: bestd@caribank.org
Phone: +246 431-1710

L. O’Reilly Lewis - Division Chief, Economic Infrastructure Division

Executing Agency - St. Vincent Electricity Services Limited:

Address: Paul's Ave, Kingstown, St Vincent & the Grenadines
Phone: +784 456-2436
Email: vinlec@vinlec.com
Website: http://vinlec.com/

Contractors -

OZZ Electric Inc.:

Phone: +1 416-637-7237
Email: inquiries@ozzelectric.com
Website: https://www.ozzelectric.com/

Argyle International Airport Inc.:

Address: Argyle Gardens, P.O. Box 2312, Kingstown, St. Vincent & the Grenadines
Phone: +784 456-5555
Email: aiainfo@svg-airport.com
Website: https://www.svg-airport.com/

ACCOUNTABILITY MECHANISM OF THE CDB

Complaints about suspected fraud and/or corruption may be submitted to the Office of Integrity, Compliance and Accountability. Allegations may be made by a variety of sources including staff, consultants, contractors, and other persons who may consider themselves participants in, witness to or victims of wrongdoing.

To make a complaint, access the following webpage: https://secure.ethicspoint.com/domain/media/en/gui/55678/index.html.