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The European Investment Bank (EIB) has agreed to provide $230 million to support investment in hydropower, wind, geothermal and photovoltaic renewable energy projects across Central America.

The joint program with the Central American Bank for Economic Integration is expected to enable more than $500 million of investment in projects in six Central American countries: Honduras, Nicaragua, El Salvador, Guatemala, Costa Rica and Panama.

"Considerable investment is needed to harness the potential of renewable energy and more efficient energy use to reduce carbon emissions and provide energy essential for economic growth," says Magdalena Alvarez Arza, EIB vice president for lending in Latin America. "The European Investment Bank is committed to supporting long-term investment in sustainable energy around the world and enabling low-carbon energy investment in Central America. We have a strong track record of partnership with the Central American Bank for Economic Integration and look forward to continuing this cooperation to benefit investment in the region."

The EIB says the initiative will allow support for public and private sector investment in both renewable energy and energy efficiency projects. Eligible projects must comply with relevant environmental and social standards.

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