Development Bank welcomes the World Bank’s decision to extend the commitment period for their guarantee Financing Facility (SEFF) that also allows eligible farmers The Fiji facility under the Sustainable Energy Financing Project (SEFP) to 30 June, 2017. The commitment period of the guarantee had expired on 17 August, 2012. The guarantee on approved projects is valid until 31 December, 2017.
The extension for the commitment period is only available to Fiji.Other regional countries participating in the programme have been excluded due to the low uptake of the project guarantee over five year period that it had been in effect (2007-2012).
FDB signed on as a participating financial institution for the World Bank’s Sustainable Energy Financing Project (SEFP)on 6 July, 2011 and has since approved financing for 14 projects valued at $3.40MM. The 50% guarantee under WB’s Risk Sharing Fund covers loans approved for the use of solar, hydro, coconut oil fuel and energy saver equipment.