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Enrique Garcia, president and CEO of the Andean Development Corporation (CAF) and Jrgen Steinkrger, commercial attach of the embassy of Germany in Venezuela, have signed a financial cooperation agreement to formalise the allocation of concessional funds granted to CAF, under the German government budget in the framework of official development aid (ODA).

Garcia says that “signing this agreement for €40mn is another example of the confidence that the developed countries, such as Germany, deposit in CAF, based on its high reputation and efficiency in supporting the development of the countries of our region.”

He adds that “the funds that will emerge from this signing will be destined to the Renewable Energy and Energy Efficiency Program (RE/EE) which will be managed by CAF, in coordination with German development bank KfW.”

ODA consists of donations or loans on privileged financial terms under the guidelines of the OECD.

Garc­a explains that the projects to be financed under RE/EE must by their nature support areas of renewable energy and energy efficiency in the energy technology sectors of eolic, solar, geothermal, biomass, small-scale hydroelectric, among others. The financing will be granted to Latin American and Caribbean countries.