CABEI approves US$240 million to the Republic of Panama for energy transition in the country
Through a Development Policy Operation (DPO), the multilateral will promote actions that contribute to the energy transition agenda in the face of climate change promoted by the Republic of Panama.
Panama City, March 15, 2024.- Promoting sustainable and balanced growth for the well-being of more than four million Panamanians, the Central American Bank for Economic Integration (CABEI) approved financing for US$240 million through a Development Policy Operation (DPO), with the objective of supporting the continuity of public policy actions that have been developed by the Government of the Republic of Panama to promote a just energy transition in the face of climate change as a key element for the decarbonization of the country's economy, within the framework of the Paris Agreement.
The operation focuses on the adoption of national and transversal strategies contained in the 2020-2030 Energy Transition Agenda. The policy actions promoted by the operation encourage gross capital formation in the national economy through the promotion of electromobility, distributed generation, the promotion of green hydrogen projects, and their derivatives, the innovation of the national interconnected system, as well as the rational and efficient use of electric energy.
In the area of climate action, this initiative also seeks to strengthen the strategic framework and the process of decision-making and sustainable planning in public and private investment, both with a long-term vision and a focus on resilience.
With initiatives such as this, CABEI reinforces its commitment to the sustainable and equitable development of its member countries, aware of the importance of encouraging policies that promote development and foster climate change mitigation and adaptation.
