April 26 (Renewables Now) - The Inter-American Development Bank (IDB) announced on Thursday it will give Colombia a USD-600-million (EUR 538.9m) loan to diversify and improve its energy matrix and integrate non-conventional renewables such as wind, solar and biogas.
The IDB loan has a 19-year term, with a 5.5-year grace period and an interest rate based on LIBOR. The executing agency will be Colombia’s Ministry of Finance and Public Credit, with funds coming from IDB's ordinary capital.
The money will be used for the implementation of various policy reforms and concrete actions to ensure an efficient electricity supply in the National Interconnected System (SIN). Also, the funds will be used to increase the access to electricity in Colombia’s Non-Connected Areas (ZNI), with emphasis on renewable energy.
(USD 1 = EUR 0.90)