European Commission Resources Granted to CAF for Projects in Latin America
Through the KfW (German development bank), the European Commission granted CAF a non-reimbursable facility for € 10 million for projects related with climate change.
Already € 42 non-reimbursable funds have been granted to CAF from the Latin American Investment Facility (LAIF) in the European Commission.
(Caracas, November 28, 2013).An agreement subscribed between CAF and the KfW Entwicklungsbank (German development bank) grants the Latin American financial institution € 10 million in non-reimbursable funds, to support the implementation of projects that reduce the emission of greenhouse gasses in order to promote sustainable development in Latin America and mitigate the effects of the emissions of greenhouse gasses.
The agreement is framed within the European Commission's Latin American Investment Facility (LAIF).
Since the implementation of this facility in 2012 until now, CAF has received approvals from the European Commission for € 42 million in non-reimbursable resources to support infrastructure projects and programs in Latin America.
Specifically, work has been carried out jointly with the KfW, AFD (Developent Bank of France), EIB (European Investment Bank) to support environment and climate change, water and sanitation, and transportation projects.
Thus, CAF contributes to deepen the relationship between both regions, ratifying the Institution's coordinating role between Latin America and the European Union.
The objective of LAIF is to support Latin American countries in their fight against poverty, their efforts to achieve social cohesion, sustainable development, and economic growth.
It is also a financial mechanism that combines subsidies (non-reimbursable financial contributions from the European Commission and from other donors) with loans from public European development financial institutions, multilateral or bilateral, as well as from regional Latin American financial institutions, to ensure the implementation of well structured projects, support the development of public policies, and adequate sectorial regulations to guarantee Latin America's sustainable development.
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