Agreement for training and updating energy-related financial products
CABEI and Financiera de Occidente will begin a process of training, updating, implementation and certification with the aim of financing renewable energy projects.
Ciudad de Guatemala, March 26, 2015. - The Central American Bank for Economic Integration (CABEI), through its Green MSME Initiative, and Financiera de Occidente S.A, signed a technical cooperation agreement amounting to US$120,000.00 to implement a process of training, updating, implementation and certification of energy-related financial products for the future financing of renewable energy projects.
“The agreement specifically seeks to update financial products targeting renewable energy generation; to strengthen the capacities of executives, clients and suppliers of Financiera de Occidente with regard to environmental issues; and to promote financial products that encourage clients to make this type of investment,” said CABEI Manager for Guatemala, Florentino Fernández, while presiding over the signing ceremony with the representative of Financiera de Occidente, Héctor Salvatierra.
The cooperation agreement includes the updating and implementation of green financial products focused on renewable energy, which will add to the supply of Financiera de Occidente’s financial products; a training program for the financial institution’s executives, clients and suppliers; and the promotion of this type of product in the market.
The initiative complements other CABEI initiatives that seek to improve the conditions of environmental investment financing and MSME access to it.
The Green MSME Initiative is a tripartite initiative of CABEI, the German government’s KfW Development Bank and the European Union. The Initiative has financing for small-scale renewable energy and energy efficiency projects amounting to US$44.5 million, which is channeled through CABEI’s network of financial institutions. It also has a technical cooperation program totaling US$4.5 million, which provides technical cooperation to financial institutions, energy audits for MSMEs and feasibility studies for renewable energy projects, in addition to promoting and raising awareness about the issue.
