Friday, October 3, 2014

Congress approves IDA grant of $14.4 million for FSM energy sector

FSMIS (October 3, 2014): On September 29, 2014, the Congress of the Federated States of Micronesia accepted the grant of $14,400,000 to fund the implementation of the FSM Energy Sector Development Project. 

The grant was approved by the executive directors of the International Development Authority (IDA) on May 29th with three main funding components:

1. $9.27 million will be used to improve efficiency and increase generation capacity in the state power utilities. 

2. $3.40 million will be used to progress on improving energy planning amongst the national and state entities to achieve a cohesive approach.

3. $1.50 will be used to procure technical assistance and enhance project management.

Under the first component, the state utilities will have the capacity to obtain new generators  and other apparatus to address immediate power generation challenges while working on longer-term cost-effective measures. 

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