Europe in Latin America

eurolatThe EU’s development cooperation has achieved several successes in Latin America and is respected accordingly.

European development cooperation has a long tradition in Latin America and has a good reputation. In the past two decades, the EU has signed trade agreements with different countries and groups of countries in the region, including Mexico, Chile, Central America, the Andean Community and the Mercosur association of states. At the first Europe-Latin America summit in Rio de Janeiro in 1999, the leaders from both world regions concluded a strategic partnership. This partnership was strengthened at subsequent meetings – most recently at the eighth EU-LAC summit in Brussels 2015.

The EU has cooperated with Latin America in areas such as finance, trade and science. It is promoting investments and supports corporate cooperation. Several programmes have brought it special recognition, among them “AL-Invest”, which facilitates international expansion for small and medium enterprises, “Euro-Solar”, which makes renewable energies available to disadvantaged sections of the people, “LAIF”, that promotes investments in infrastructure, and “EUROSociAL”, which strengthens economic integration and social cohesion. In the areas of administrative decentralisation and local development, EU programmes have also delivered results in cooperation with multilateral organisations like UNDP, CEPAL and the IDB.

Article originally published here
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IDB Approves US$100mn Loan for Chile’s Sustainable Energy Sector

renewenergyThe Inter-American Development Bank (IDB) approved a US$100mn loan to the government of Chile to finance a sustainable energy program.

Objectives of the program include simplifying the rate structures and processes of natural monopolies; fomenting competition in the generation and transmission segment; and promoting the development of renewables and energy efficiency, IDB said in a statement.

The program “will develop a long-term energy policy … whose goals are to boost competition and efficiency in the energy market, improve institutional capability, encourage diversification and the use of renewable energy sources, promote efficient energy use, and increase exchanges and transfer of energy at the international level,” IDB said in a statement.

Chile has stated a goal of achieving a 70% renewable-powered electricity sector by 2050.