GREENPYME promotes SME competitiveness in the Bahamas, Belize, and Jamaica by helping them identify potential energy savings

03/22/2010

Washington, D.C. – The Inter-American Investment Corporation (IIC) continues to provide Latin American and Caribbean SMEs with assistance under its GREENPYME® program for promoting and supporting more rational and sustainable use of energy among SMEs. This time, the focus is on The Bahamas, Belize, and Jamaica, especially in the tourism and hotel industry.

Working with its strategic partners—Belize Trade and Investment Development Service (Beltraide), Scotiabank, The Bahamas Hotel Association, and Jamaica Hotel and Tourism Association—and with funding from the Republic of Austria and the Republic of Korea, the IIC has performed thirty-six energy audits for SMEs seeking to become more competitive by saving energy, implementing good energy-use practices identified in the audits and adopting more efficient and environmentally friendly technologies.

SMEs benefiting from the energy audit program had already participated in the first stage of the GREENPYME program and attended IIC training workshops on energy efficiency.

In this case, the SMEs audited by the IIC operate in the tourism industry and depend heavily on electricity, a very expensive source of energy in the region. Energy is one of the largest expense categories for the Caribbean hotel industry, second only to payroll. GREENPYME audits have identified potential average annual energy savings that equate to 25% of the audited SMEs’ current total energy costs. The cost of the new investments needed to generate the savings identified would be recovered in less than eighteen months with the energy savings achieved. This shows that energy efficiency investments offer an attractive return in the short term, while helping lower emissions and improve corporate social responsibility.

During a third phase of GREENPYME Caribbean, the IIC and its local financial partners will help audited companies obtain access to financing to ensure that good energy efficiency practices are implemented quickly and that recommended investments are made.

About GREENPYME

GREENPYME is an IIC initiative that encourages a more rational and sustainable use of energy resources among SMEs and promotes renewable energy in Latin America and the Caribbean. Implementing good energy-efficiency practices and using cleaner and more efficient technologies enable SMEs to become more competitive and sustainable by reducing energy costs and improving their environmental impact. The purpose of the program is to tap the region’s energy savings potential by providing SMEs with information, training, analytical tools, technical consulting services, energy audits, and access to financing. GREENPYME promotes partnerships with banks, financial institutions, universities, engineering firms, and technology and product suppliers, for providing practical and innovative solutions that can be implemented quickly and benefit SMEs seeking to become more energy efficient. For more information on GREENPYME, contact: greenpyme@iadb.org.

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2009, the IIC reached US$1.4 billion in assets and approved forty operations channeling US$299.8 million to SMEs in the region. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC’s activities, please visit www.iic.int

Contact Information
Carlos Serrano
cserrano@iadb.org
+1 (202) 623 2877 in Washington D.C.

Sylvia Szankay (press)
sylviasz@iadb.org
+1 (202) 623 3878 in Washington D.C.

Contact: Sylvia Szankay

Telephone: (202) 623-3878

Email: sylviaz@iadb.org