Early Warning System

Countries

St. Vincent and the Grenadines

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

Specific Location

Argyle (Johnson Hill), Cane Hall, Kingstown (VINLEC's headquarters)

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

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

Dec 10, 2020

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

St. Vincent Electricity Services Ltd. (VINLEC)

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)

Grant, Loan

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

Loan Amount (USD)

$ 5.45 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.

Grant Amount (USD)

$ 3.16 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.

Investment Amount (USD)

Not Disclosed

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

APPRAISAL REPORT

Primary Source

Original disclosure @ CDB website

Updated in EWS Jun 22, 2023

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 expected outcome is the increased supply of sustainable, low-carbon energy to the national grid 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 company's website, 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.
VINLEC serves just over 46,000 (March 2020) customers and the service is accessible to 98% of the population. Electricity is generated at the Company’s diesel Power Stations that are located at Cane Hall, Lowmans Bay, Bequia, Union Island, Canouan and Mayreau.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	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

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

Borrower - St. Vincent Electricity Services Ltd.:

Address: Paul's Ave, Kingstown, St Vincent & Grenadines
Phone: +1 784 456-2436
Email: vinlec@vinlec.com
Website: http://vinlec.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.