 The St. Lucia Development Bank, SLDB, has partnered with the Caricum Development Fund in providing funding for projects in the energy sector. The Caricum Development Fund, CDF last November, launched a credit-risk abatement facility, the CRAF. The goal of the CRAF is to incentivize more lending to small- and medium-size enterprises – SMEs – to fund renewable energy and energy efficiency projects. One of the SLDB, Nicholas Bernard, says the CRAF is important to the small business sector as they are hampered in sourcing financing. Mr. Bernard made the comments during the signing of the agreement between the SLDB and the CDF. The SLDB has engaged with various associations and private sector bodies in its vein of sustainable energy production and usage. Predominant among the issues expressed by members has been their perceived lack of creditworthiness. Through either their business size or the collateral available for security, there has been obviously a clear need for a facility of this nature to provide both lenders and borrowers and an added level of security confidence. We believe that with the right financing model, we can incentivize private sector members who are keen to move forward towards renewable energy and energy efficiency solutions for their businesses. This CRAF intervention is another pillar to support our national move towards a low-carbon economy and the creation of a sustainable economy characterized by an environmentally friendly, productive, efficient and innovative private sector. The availability of this facility will allow business leaders to be creative in developing sustainable projects and technologies that we hope will revolutionize the business sector. The Chief Executive Office of the CDF, Rodinal Sumer, sends the Credit Risk Abatement facility will aid in the transition to a low-carbon economy in the region. Sumer stressed that a reduction in harmful greenhouse gas emissions will generate cost savings which will increase productivity and business competitiveness. One division of the CDF provides direct support dedicated financing to the energy sector in the form of concessional loans and grants, while another section which is what we're building out now has been engaged in developing a more market-based approach and market-based mechanisms that will support increased investment but working through established financial institutions. The primary focus is to incentivize additional lending from local financial institutions to the business sector for renewable energy and energy efficiency interventions in the member states that we serve and incremental lending, focusing on lending that would not otherwise occur in the normal course of business. So we are stimulating increased market activity. And Kraft seeks to aid in the transition to a low-carbon economy in CDF Caricorps member states through facilitating a reduction in harmful greenhouse gas emissions which hasten climate change and increase the frequency and severity of weather hazards which we are all too familiar with in the Caribbean and that impact our lives severely. St. Lucia is one of five countries in which the credit facility is being piloted. The others are Barbados, Guyana, Belize and Suriname. The CDF estimates that more than 100 projects will be supported by the Kraft to the tune of 25 million US dollars. However, Mr. Sumer laments the reluctance of commercial banks to participate in the initiative. The SLDB is the first financial institution to sign onto the program. So far we have identified three projects in St. Lucia that will benefit from the facility that will combine a total of approximately one million US dollars. And some of these projects have already received technical assistance under the Kraft. And we expect at least one of them to one business to be applying for financing was close to 500,000 US dollars or 1.3 million EC dollars. The SLDB on the institutional building side has participated in two capacity buildings exercises conducted by the CDF recently. Over four days your management and your frontline staff have participated in training that have provided them with a detailed orientation on the Kraft and we've taken a deep dive into energy project financing, understanding key project risks and borrow credit risk. And the reason that we're doing this is that we're introducing models that would help to in the choice of appropriate technologies on the business side and also a renewable energy financing tool which would assist in improving the credit decision. So we are building capacity both through the SMEs and the financial institutions. Small businesses that operate in the sectors of tourism, agriculture and or manufacturing are eligible for financing. They can access loans from the SLDB for projects from 25,000 to no more than 750,000 dollars.