On December 1st, a signing ceremony for the ADB’s Grant “Disaster Resilience Clean Energy Financing in Palau” through the Japan Fund for Poverty Reduction (JFPR) was held in ADB Palau Country Office. In the ceremony, Hon. Elbuchel Sadang, Minister of Finance and Ms. Claire Harvey, President/CEO of National Development Bank of Palau (NDBP) signed exchange of notes, witnessed by Ambassador KARASAWA Akira, Mr. TACHIHARA Yoshikazu, JICA Palau Resident Representative, Ms. Leah C. Gutierrez, Director General ADB Pacific Department and other ADB officers.
In this project, ADB will provide Palau with 3 million USD grant from JFPR to create low-interest loans, which will be disbursed by NDBP mainly to low-income and women-headed households for purchase and installation of rooftop solar panels and solar water heating at their homes. This program is expected to decrease households’ expense on electricity and help Palau to achieve its ambitious clean energy target, 45% renewable energy by 2025.
In the ceremony, Minister Sadang and CEO Harvey thanked the Government of Japan for its funding and friendship, and stated that this grant assistance is valuable and timely because the project will assist people in a difficult situation when Palau is seriously affected by economic impacts of COVID-19.