Dominica receives millions to fund projects
Published:Monday | June 9, 2008 | 4:11 PM
Dominica said it would receive US$5.5 million to fund projects under Petro Caribe, the Venezuela oil initiative.
Energy Minister Reginald Austrie said approval of the funds was given during a Petro Caribe board meeting last week.
Under the Petro Caribe initiative, Venezuela provides oil on conditions of preferential payment.
The initiative was launched in 2005.
The payment system allows for countries to buy oil on market value but only a certain amount is needed up front.
The remainder can be paid through a 25 year financing agreement on one percent interest.