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The Bar­ba­dos-based Caribbean De­vel­op­ment Bank (CDB) Mon­day said it has tak­en a sig­nif­i­cant step to­wards ad­vanc­ing ge­ot­her­mal en­er­gy de­vel­op­ment in the re­gion.

The CDB said that it has signed £10 mil­lion (One GBP =US$1.29 cents) Mem­o­ran­dum of Un­der­stand­ing (MoU) with the Unit­ed King­dom’s For­eign, Com­mon­wealth & De­vel­op­ment Of­fice (FC­DO), and the Grena­da gov­ern­ment to sup­port that coun­try’s ge­ot­her­mal test drilling.

The re­gion’s pre­mier fi­nan­cial in­sti­tu­tion said that the sign­ing of this agree­ment rep­re­sents a sig­nif­i­cant mile­stone in the Caribbean’s tran­si­tion to a clean­er, more sus­tain­able en­er­gy fu­ture, po­si­tion­ing Grena­da and the wider re­gion as lead­ers in re­new­able en­er­gy in­no­va­tion.