Caf and Ministry of Mining and Energy Sign Agreement for Energy Integration in Latin America
The first study executed in the framework of the agreement, is aimed at the possibilities of reducing the costs of transmission lines, and the increase of security in the interconnection systems.
Brasilia, March 25, 2014 - The Minister of Mining and Energy, Edison Lobao, and CAF's Executive President, Enrique Garcia, signed today an agreement for the development of a series of activities of common interest in order to impact the regional energy integration.
The first technical cooperation foreseen in the agreement is the execution of the study "Analysis of the Transmission Expansion Localization Signal: Technical, Regulatory, and Energy Policy Aspects", which has the potential of reducing investments in electricity networks with the increase of the security of the systems. It may also serve as a model for other countries in the region, favoring energy integration actions, which is a key issue for CAF.
"Latin America needs to move from a development based on comparative advantages to a stage of development based on competitive advantages. This technical cooperation, among others that we may develop, has that dimension. Studies, joint training, development of the productive sector in the area of energy, energy efficiency, estimates of the potential sources of energy, energy integration, are the topics that may be implemented in the future, which may contribute to the quality of energy integration with the exchange of mutual experiences", stated CAF's executive President, Enrique Garcia.
In 2013, energy operations reached 31 percent of CAF's portfolio. Brazil registers 5 percent of the Institution's portfolio of energy projects, indicating a significant growth potential of CAF's loan portfolio to Brazil in this sector.
About CAF
CAF is a Development Bank established in 1970, currently made up of 28 countries of Latin America, the Caribbean, and Europe, and 14 private Banks of the Andean Region. The Institution promotes a sustainable development model through credit operations, subsidies, and support for technical and financial structuring of projects of the public and privates sectors in Latin America. Its headquarters are in Caracas, Venezuela, and CAF has offices in Buenos Aires, La Paz, Brasilia, Bogota, Quito, Madrid, Panama City, Lima and Montevideo.
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