Through the Executive Branch, Uruguay accepted a $200 million loan from the Inter-American Development Bank (IDB) to face the climate crisis and promote the energy transition.

The loan, which will be amortized over 20 years, will allow the country to advance in key areas such as “the decarbonization of transport and supporting green hydrogen projects.”

Uruguay will have a three-year period to withdraw the funds, with the possibility of renewal for three additional years.

“The Executive Branch resolution designated the Minister of Economy, Azucena Arbeleche, and the Undersecretary, Alejandro Irastorza, to present the corresponding documentation to the IDB to obtain the credit.”

Other areas that will benefit from this IDB loan are the “development of green hydrogen with private participation through renewable energy resources and strengthening the ecosystem of innovation, capacity development, gender, diversity and financing for climate action.”

There are some conditions that the country must meet in terms of charging stations for electric vehicles, a roadmap for green hydrogen by the Ministry of Industry as well as a National Plan for Adaptation of the Energy Sector.

M.Pino

Source: elobservador

(Reference image source: Dan Meyers on Unsplash)

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