IDB, JICA to provide up to US$600mn for renewables, energy efficiency

IDB and the Japan International Cooperation Agency (JICA) will provide up to US$600mn in financing for renewable energy and energy efficiency projects in Central America and the Caribbean over the next five years, the bank said in a statement.

Financing will benefit Belize, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Guyana, Honduras, Jamaica, Nicaragua, Panama and Suriname.

Under the agreement, IDB and JICA have created two co-financing schemes: joint-co-financing, in which IDB will match financing provided by JICA in each project; and parallel co-financing, in which each organization will separately finance specific components of an eligible project.

JICA will provide US$300mn in concessional financing for the facility, which could potentially mobilize another US$300mn from the IDB's own resources if all projects are financed under the joint co-financing scheme.

The bank last year approved US$736mn in loans for private sector renewable energy and energy efficiency projects throughout Latin America and the Caribbean, compared with US$663mn in 2000-10. In 2012, IDB expects to approve over US$700mn for private sector renewable energy projects, in particular wind, solar and hydro.

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