EIB and IDB to Increase Funding in Latin America for Climate Change Mitigation

15 May 2008: The European Investment Bank (EIB) and the Inter-American Development Bank (IDB) have agreed to strengthen their cooperation and co-financing to support strategic development projects in Latin America and the Caribbean.

In the context of the Fifth Summit of EU-LAC Heads of State and Government, held from 16-17 May, 2008, in Lima, Peru, IDB President Luis Alberto Moreno and EIB Vice-President Carlos da Silva Costa decided to further engage both Banks to scale-up projects and support European investments for development throughout the region. Strengthened cooperation is expected to focus on climate change mitigation through public sector lending for climate change related projects, particularly in smaller and lower income countries, and projects without sovereign guarantee and private sector projects where there is either an EU sponsor or that target renewable energy sources, energy efficiency and mass transport. The EIB is mandated by the EU Council to lend up to EUR 2.8 billion in Latin America[IDB press release, 15 May 2008] [EU/LAC Lima Summit 2008]

for financing operations supporting EU cooperation strategies and complementing other EU development and cooperation programs and instruments in the region during the period 2007-2013.