CAF to Use Capitalization of $7-billion for Renewables and Recovery in Latin America

CAF, the Development Bank of Latin America, is going to be using 7 billion dollars in the capitalization of the planned equity for backing the economic recovery and the development of renewable energy in the region as said by the president of CAF.

The board of CAF, which is having 19 member nations across the regions of Europe, Latin America and the Caribbean along with the 13 bank members, which had approved the plan for capitalization, and it is also going to be taking place gradually.

Sergio Diaz-Granados, president of CAF said, they are going in two direction in the upcoming 10 years, and the first economic and social reactivation of the Latin America, along with an equitable and inclusive focus starting from the infrastructure industry, along with working very hard with the private industry.

He said, and the second step is for making the CAF, the new green bank of the region, and the bank has just not been for the suitable for the reactivation, but it has also been thinking of the carbon neutrality across the region.

The bank is also going to be directing 25 billion dollars over the upcoming five years to the countries in the region for the purpose of increasing the resilience of the climate, along with pushing towards the renewable energy, along with decreasing the emissions of the greenhouse gases and also strengthening the conservation and biodiversity efforts, and the bank is also going to be increasing the funding for the projects such as electric transport.