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EIB and CAF fund climate action projects to boost jobs and competitiveness

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CAF and the EIB signed a Co-Financing Collaboration Framework Agreement for European support to Latin America and the Caribbean with the objective of reducing the negative impact of COVID-19 and promoting economic recovery.  The Agreement provides for a USD 500 million co-financing framework for sectors such as transport, energy, water and sanitation, urban development, health, education and financial intermediation targeting SMEs, among other strategic sectors for both institutions.

EIB Vice-President Ricardo Mourinho Félix, responsible for Latin America and the Caribbean, noted: “The signing of this Collaboration Framework Agreement highlights the European Investment Bank’s commitment to Latin America and the Caribbean in these challenging times. CAF is one of our key partners and through this joint effort we are going to support the countries and companies in the region to cope with the economic and social impact caused by the COVID-19. This agreement will allow us to identify and promote investment opportunities in sectors of common interest that will foster sustainable and inclusive economic recovery and contribute to the fight against climate change.”

 “Investments in integration infrastructure in the region are critical to boosting economic and social revival and to have a positive effect on job creation, economic growth and increased productivity. We are a key partner in the development of our shareholder countries and seek to complement our strengths with strategic partners such as the EIB, to attract funds that allow us to undertake competitiveness-boosting projects,” noted CAF Executive President Luis Carranza Ugarte.

CAF has identified more than 400 integration and digital infrastructure projects in 11 subsectors, all aligned with the 17 Sustainable Development Goals and the Paris Agreement in the fight against climate change. These initiatives have been prioritized based on the quality of their structuring, rapid implementation and the specialized support from experts, which can help create jobs and boost economic growth in Latin America and the Caribbean.

The EIB provides economic support to projects in Latin America by facilitating long-term investment under favorable terms and providing the necessary technical support to ensure that these projects yield positive results in the social, economic and environmental fields. Since the EIB started operations in Latin America in 1993, it has provided funding for a total of EUR 10.4 billion to support 139 projects in 14 countries in the region.

About CAF

CAF—development bank of Latin America—aims to promote sustainable development and regional integration by financing public and private sector projects, providing technical cooperation and other specialized services. Established in 1970 and currently made up of 19 countries—17 from Latin America and the Caribbean, as well as Spain and Portugal—and 14 private banks, it is one of the main sources of multilateral financing and an important generator of knowledge for the region. Learn more at www.caf.com

This is not a CAPTIS article. Originally, it was published here.