EIB to back Central America renewable energy

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Thursday, August 22, 2013

The European Investment Bank (EIB) has agreed to provide US$230mn to support investment in hydropower, wind, geothermal and photovoltaic renewable energy projects in Central America.

The program, being carried out in partnership with the Central American Bank for Economic Integration (Cabei), will unlock more than US$500mn in investment for public and private clean energy projects in Honduras, Nicaragua, El Salvador, Guatemala, Costa Rica and Panama.

The initiative will help reduce carbon emission in the region and diminish regional dependence on fossil fuel imports, the lender said in a statement.

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The agreement mirrors a similar deal from 2011 between EIB and Cabei which is supporting hydropower investment in Costa Rica.

Since it began lending in Latin America, EIB has invested over 5.70bn euros (US$7.61bn), of which 1.90bn has gone into the energy sector, according to the release.