The Board of Directors of the Central American Bank for Economic Integration (CABEI) approved the “Initiative for Productive Investments Adapting to Climate Change (CAMBio II), which aims to increase the resilience to climate change of Micro, Small and Medium Enterprises (MSMEs) in Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama and the Dominican Republic by means of access to financial and non-financial resources in order to adapt and apply the best climate change adaptation measures.
This program is significant since it is the first financing of the Green Climate Fund (GCF) through CABEI, subsequent to its accreditation in December 2016. The program will be developed in five years and will have an availability of US$28 million with a financial contribution from CABEI for an amount of up to US$12,500,000.
The implementation of CAMBio II will lead to the emergence of new sustainable production and consumption models, which will generate social and environmental benefits in the region and favor the creation of new jobs.
According to the CABEI Executive Vice President, Attorney Alejandro Rodríguez, “The Bank raises the need to promote and implement initiatives that foster the sustainable management of the region’s natural resources.”
CABEI reiterates its commitment to continue working towards the construction of a multilateral bank willing to be at the forefront of new developments regarding the challenges of a changing environment and that this region demands, in order to face future challenges and guarantee service in line with its member countries.
Original source: BCIE
Published on 06 February 2019
