More than 114 thousand families in Nicaragua to benefit from CABEI-financed electrification and renewable energy program
The financing corresponds to the signing of a US$143.00 million loan agreement between CABEI and the Republic of Nicaragua.
Managua, February 23, 2021.- The Central American Bank for Economic Integration (CABEI) and the Republic of Nicaragua signed last Friday, February 19, the financing contract for the National Sustainable Electrification and Renewable Energy Program (PNESER) for US$143.00 million, which will contribute to improving the quality of life of families, the development of new productive activities, job creation and poverty reduction in the country.
The signing took place following the approval of the initiative by CABEI's Board of Directors on November 24, 2020. Following the execution of the program, the multilateral will contribute to Nicaragua's first-ever achievement of an electrification rate of 99.9 percent by 2025, placing it among the countries in the Central American region with a high level of national electricity coverage.
In this regard, CABEI Executive President, Dr. Dante Mossi, said: "with the implementation of the Program's components 1. "Rural Electrification by Extension of Networks" and 2. "Normalization of Service in Settlements", 35,000 homes in 1,278 rural communities nationwide will benefit; and the normalization of electricity supply to 79,050 homes in 402 urban settlements".
The program will reduce non-technical losses in the country's distribution networks by 1.45 percent, thus supporting the strengthening and sustainability of the electricity sector.
The initiative will be implemented by Empresa Nacional de Transmisión Eléctrica (ENATREL) in 17 departments or regions of Nicaragua.