Tuesday, March 17, 2009

Austria and Finland Contribute Support for Renewable Energy

The Central American Bank for Economic Integration (BCIE) signed agreements with Finland and Austria for nearly $4 million to support renewable energy projects in Central America.

The Government of Finland provide two million euros (about U.S. $2.6 million) to create a partial guarantee fund for renewable energy projects, said the bank in a statement.

The agreement stems from an initiative of the Ministry of Foreign Affairs of Finland, the main promoter of "The Energy and Environment Partnership with Central America." The agreement is aimed to "promote renewable energy in the region, thus contributing to their sustainable development, reducing the increase in greenhouse gases and the mitigation of global climate change," said the bank.

Similarly, the bank also signed an agreement for one million euros (U.S. $1.3 million) with the Austrian Development Bank, to create a Special Fund for Technical Cooperation. The funds will be used with a special focus on environmental and energy efficiency.

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