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The Inter-American Development Bank (IDB) approved a US$100mn loan to the government of Chile to finance a sustainable energy program.
Objectives of the program include simplifying the rate structures and processes of natural monopolies; fomenting competition in the generation and transmission segment; and promoting the development of renewables and energy efficiency, IDB said in a statement.
The program "will develop a long-term energy policy ... whose goals are to boost competition and efficiency in the energy market, improve institutional capability, encourage diversification and the use of renewable energy sources, promote efficient energy use, and increase exchanges and transfer of energy at the international level," IDB said in a statement.
Chile has stated a goal of achieving a 70% renewable-powered electricity sector by 2050.