The Japan Bank for International Cooperation (JBIC), will provide $ 100 million for two state banks Costa Rica finance environmental projects to enable the country achieve its goal of being carbon neutral by 2021.
Costa Rican Ministry of Environment and Energy (MINAE) said that the goal is to use these resources to develop projects related to renewable energy and sustainable transport.
Funds will be distributed through the National Bank and State Bank of Costa Rica, which will be responsible for allocation of credits.
The agreement with JBIC, signed last week, stipulates that these loans must have lower interest rates in order to promote projects that make a difference in the Central American country’s energy consumption.
“These funds will enable us to finance the change of the fleets of taxis and public transport buses as well as renewable energy projects, including solar panels, wind farms, hydroelectric plants, among other technologies to move towards carbon neutrality,” noted the Environment Minister René Castro.
Costa Rica’s ambassador to Japan, Alvaro Cedeño said that deals like this are the result of years of work in search of “green growth bilateral agreements” and that “the goal Costa Rica expose their strengths and green country, is linked with the strengths of a country like Japan, and lay the groundwork for what will be the next 25 years of bilateral relations this matter.”
Costa Rica has commited to be carbon neutral by 2021.
The Costa Rica News (TCRN
San Jose Costa Rica
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