(SeeNews) - Mar 31, 2014 - Japan International Cooperation Agency (JICA) will provide USD 1 billion (EUR 727.1m) in co-financing for renewable energy and energy efficiency initiatives in Central America and the Caribbean, the Inter-American Development Bank (IDB) said on Friday.
The financing commitment is more than triple the previously planned USD 300 million in JICA co-financing under a joint programme with IDB. The scope has also been expanded to include Costa Rica, Panama, Suriname, Dominica, Grenada, St Lucia and St Vincent and the Grenadines. Until now, only Belize, the Dominican Republic, El Salvador, Guatemala, Guyana, Honduras, Jamaica and Nicaragua have been eligible for support under the IDB-JICA financing scheme.
The renewable energy and energy efficiency programme is based on a memorandum of understanding and a framework agreement between JICA and IDB from 2011 and 2012, respectively. It is already supporting initiatives in Nicaragua and projects in several pother countries, such as geothermal development in Costa Rica.
IDB has set a target to channel 25% of its total lending to climate change adaptation, environmental sustainability and renewable energy.
(USD 1 = EUR 0.727)