By Tariq Al Fahaam
BRUSSELS, Belgium, (WAM) – During the European Union-Community of Latin American and Caribbean States (CELAC) Summit of heads of state and government on 17 -18 July, the European Investment Bank (EIB) will announce the signature of several loans worth €800 million to finance climate action projects in Argentina, Brazil and Chile.
All of the projects are part of the European Union’s Global Gateway initiative that supports projects improving global and regional connectivity in the digital, climate, transport, health, energy and education sectors.
The projects include financing the first-ever residential mortgage-based loan for efficient housing units outside the European Union; supporting the renewable hydrogen industry; expanding, modernising and increasing the resilience of electricity transmission networks; supporting renewable energy, energy efficiency and bio-economy projects; financing integrated waste management programmes; and installing solar photovoltaic plants in individual homes, small and medium-sized enterprises (SMEs) and local businesses.
The third EU-CELAC summit in Brussels will bring together European, Latin American and Caribbean policy-makers and institutions to renew and strengthen relations between the two regions. The summit aims to discuss challenges and opportunities for the EU-LAC strategic partnership as well as the Global Gateway initiative.