COK Sodality Cooperative Credit Union is working with two foreign outfits to develop a financing programme for renewable energy products targeted at micro, small- and medium-enterprises and low-income households.
The EcoMicro programme is a partnership between COK and Enclude BV, a Netherlands-based microfinance platform, in conjunction with the Inter-American Development Bank, and LAB, a green solutions company.
The IDB is providing a US$17 million grant to fund the pilot programme.
COK Sodality CEO Aloun Ndombet Assamba says there is still a low level of awareness in Jamaica around green finance despite the Government’s efforts and that the credit union sees the need to increase access to renewable products.
“In looking around, we at COK discovered that the IDB was looking to find a partner to do this type of financing. They have done it in a number of other countries, and so we applied, and they decided to work with us,” she said.
Enclude BV and LAB will collaborate as consultants.
“In getting that grant part of what we had to do was to look at the list of qualified consultants and identify who we can work with. That means we would want a consultant with Jamaican experience and had people in Jamaica working with them,” Assamba said.
COK is targeting early 2020 for a full roll out of the programme.
“We’re trying to put together a product that our micro and small enterprises along with households will be able to afford. We will fund it but it will be linked back to the people who can provide the equipment,” she said.
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