BNamericas - FinDev Canada Invests in leading Latin Ameri...
Summary
Montreal July 6th, 2020- FinDev Canada announced a loan of USD 15 million to leading Latin American and Caribbean financial institution, CIFI (Corporaci\xf3n Interamericana para el Financiamiento de Infraestructura, S.A.). Headquartered in Panama, CIFI utilizes their proximity to their clients and decades of operational knowledge in their region to bridge the gaps between local SMEs and international investors.The loan will contribute towards investment in renewable energy projects across Latin America and the Caribbean, specifically building new solar, wind & biomass energy facilities. It will also bolster local market development, yielding significant job creation and adding economic value to the region.This partnership with CIFI presents FinDev Canada with the opportunity to work with one of the leading players in mid-market infrastructure and green growth financing, said Paulo Martelli, Director of Investments at FinDev Canada. Cesar Ca\xf1edo Arguelles, Chief Executive Officer at CIFI.Our partnership will provide financing solutions to middle market infrastructure projects raising their profile with the highest ESG standards in our sector while mainstreaming gender equality and climate change mitigation.FinDev Canadas loan will contribute to the building of new solar, wind, co-generation and biomass energy installations, creating an additional of 270 MW of generational capacity. With FinDev Canadas support, CIFIs green growth financing opportunities will serve an estimated 328,000 people with clean low-carbon energy annually.CIFIs operations directly align with FinDev Canadas commitment to fulfilling the UNs Sustainable Development Goals (SDGs), specifically, SDG 7 (Affordable and Clean Energy) and SDG 13 (Climate Action).FinDev Canadas loan will also contribute to local market development, facilitating direct economic value addition.