Multilaterals to Co-Finance LatAm Projects

The IDB and the European Investment Bank (EIB) have reaffirmed their commitment to co-finance private-sector energy and transport projects in LatAm and the Caribbean. The new agreement renews commitments from both institutions that were set in a previous memorandum of understanding, signed in December 2004, which expires at end of 2009. Under the previous accord, the IDB and EIB have co-financed important projects for the region, including the expansion of the Panama Canal and Nicaragua’s power sector rehabilitation program. The total amount available for loans has not been defined, says an IDB spokeswoman.