CAF and AFD Pledge EUR 100 Million for Green Projects in Latin America
Climate change adaptation and mitigation initiatives in the region will be able to access financing at favorable rates—when they are most needed due to the impact of the COVID-19 pandemic—thanks to the collaboration between the two institutions.
Thanks to its commitment and efficiency in fostering green projects in the region, CAF—development bank of Latin America—has accessed an additional EUR 100 million by expanding the line of credit granted by the French Development Agency (AFD), aimed at investments in climate change adaptation and mitigation projects, which will now total EUR 250 million.
These funds come in addition to global cooperation that has enabled CAF to mobilize monies from AFD through different schemes such as three lines of credit totaling more than USD 640 million, co-financing for USD 760 million and technical assistance funds for almost EUR 9 million. The collaboration to promote sustainable development in the region has benefited large projects in countries such as Argentina, Bolivia, Brazil, Colombia, Ecuador, Mexico, among others.
Securing this funding is part of CAF’s strategy of attracting funds to underpin green projects, as a complement to its support for emergency assistance arising from the COVID-19 pandemic and the subsequent phase of economic recovery in the region.
The collaboration between AFD and CAF promotes sustainable development in Latin America through a wide range of funds mobilization and value-added knowledge transfer schemes at the service of CAF shareholder countries.
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