ICO and CAF to Support Sustainable projects in Latin America
ICO is set to grant a new USD 200 million loan to CAF to boost development of sustainable projects in Latin America
Official Credit Institute (ICO) CEO José Carlos García de Quevedo and CAF—development bank of Latin America—executive president Luis Carranza have confirmed the upcoming signing of a new USD 200 million line of credit aimed at financing a variety of Spanish capital projects.
The ICO funds are to be used by CAF to finance and promote an array of activities and projects of companies with Spanish capital in Latin America, with special focus on sustainable or green projects. To this end, CAF will channel these funds directly or through other financial institutions across several Latin American countries, thus expanding the geographical coverage of ICO’s International Channel line.
This will be the third agreement signed by ICO and CAF under ICO’s International Channel line, which already amounts to USD 630 million. The first agreement was signed in 2016 in the amount of USD 300 million, while the second was signed in 2018 for USD 130 million. ICO and CAF began their partnership more than 20 years ago, exchanging resources and knowledge to promote sustainable development in the region.
The two institutions share the common goal of promoting business development between Spain and Latin America and fostering the internationalization of Spanish companies, as well as the same funding model that prioritizes the environmental and sustainable nature of selected projects in an effort to help protect the environment and fight against climate change.
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