CABEI, leader in Central America in financing energy generation, transmission and distribution

San José, August 21st, 2013.- The Central American Bank for Economic Integration (CABEI) signed a loan contract with the European Investment Bank (EIB) for US$231.6 million to finance projects that will support efforts to diminish the effects of climate change in Central America, reducing the emission of greenhouse gasses, through the use of renewable energy sources and the improvement of energy efficiency.

This operation follows a similar initiative launched in 2011 between EIB and CABEI for hydropower energy production in Costa Rica that amounted to a total investment of US$131.8 million. .

This large-scale initiative will help reduce regional dependence on fossil fuel imports and diminish carbon emissions from energy production.

CABEI expects to facilitate public and private sector investments that comply with relevant environmental and social standards.

From its headquarters in Tegucigalpa, Honduras, CABEI's Executive President, Dr. Nick Rischbieth, expressed that CABEI "as the principal source of multilateral funding in the region, and as the financial arm of Central American integration, we are most pleased with the expansion of our cooperation with EIB, with whom we share a common  goal of promoting renewable energy and energy efficiency investments as drivers of sustainable and balanced growth in our beneficiary member countries."

The loan contract was signed this afternoon in San Jose, Costa Rica, by CABEI's Country Manager for Costa Rica, Hazel Cededa Hodgson, and EIB's Loan Officer for Latin America, Susan Antz.

CABEI's Country Manager for Costa Rica, Hazel Cepeda, said she was "very pleased with this operation considering that EIB is one of the most important partners of CABEI in support for the development of Central America", and added that she was "especially pleased that the signing of the second phase took place in Costa Rica, country which benefited from financing within the first stage.    

CABEI and EIB have been cooperating for many years for the benefit of the region. From 1999 to 2011, CABEI subscribed a loan with EIB for more than US$282 million and the current operation amounts to US$513.9 million.
CABEI's most relevant  financial operations in the energy sector during 2012:

CABEI financed a total of US$300.2 million on renewable energy generation projects in the region. In Guatemala, CABEI financed  "San Antonio El Sitio", Wind Energy Project, as the first project that takes advantage of this renewable energy source in this country.

In Honduras, CABEI financed "Agua Zarca" Hydropower Project which benefits the country through the reduction of electricity costs, the further development of the energy sector, the stabilization of the electricity distribution system and reduction of greenhouse gas emissions in 58,670 tons of CO2 per year.   

Meanwhile, in Costa Rica CABEI financed "Reventazon" Hydropower Energy Project, which will increase clean energy generation capacity and save US$200 million from fossil fuel imports.