CAF contributes USD 200 million for the electricity distribution system of Ecuador
The purpose of the program is to ensure the availability of electric energy for the country, to satisfy current and future demand
Fausto Herrera, Ecuador's Minister of Finance, and Enrique Garcia, Executive President of CAF, Development Bank of Latin America, subscribed a loan contract for USD 200 million to finance the program to strengthen Ecuador's national electricity distribution system.
The purpose of the Ecuadorean government's program is to ensure the availability of electric energy in the country to satisfy current and future demand, particularly the demand related to the induction stoves program carried out by Ecuador. In this regard, CAF's cooperation will help strengthen the sub-transmission and distribution networks through the construction and rehabilitation of sub-stations.
Enrique Garcia, Executive President of the multilateral financial institution, highlighted, "CAF's contribution will enable the improvement of the country's energy efficiency for the next three years, which will result in greater competitiveness, saving of resources by the Ecuadorean State, and quality of life for Ecuadoreans".
It is estimated that the Ministry of Electricity and Renewable Energy of Ecaudor will execute the program during a period of three years. The signing of the agreement took place in the framework of CAF's Board meeting in Panama City, Panama.
Thus, as a representative development bank of Latin America, CAF continues to design and implement programs that promote entrepreneurial development and competitiveness with productive and socially inclusive criteria.
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