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The Inter-American Development Bank (IDB) approved a US$250mn credit line to finance investment projects in Uruguay.
The first individual loan, a bank statement said, will total US$125mn and go toward financing investment in wind and solar plants, as well as investment in irrigation projects and upgrades to the citrus-growing sector.
The loan will allow state-run Banco República (BROU) to finance the installation of up to 120MW of new wind projects to balance hydro capacity during low-rainfall years, as well as 2MW in distributed generation solar projects.
IDB will also finance irrigation works benefiting around 16,600ha of rain-fed land, the statement said, plus projects in the citrus-growing sector that involve the replanting of up to 4,850ha.
The US$125mn loan, IDB said, carries a Libor-pegged rate and matures after 25 years, with a 5.5-year grace period.