BRUSSELS, Aug. 22 (UPI) -- The European Investment Bank said Thursday it would provide $230 million to support investments in the Central American renewable energy sector.
EIB said it would work through a joint program with the Central American Bank for Economic Integration to support hydropower, wind, geothermal and photovoltaic renewable energy schemes across Honduras, Nicaragua, El Salvador, Guatemala, Costa Rica and Panama.
The European bank said its investment plan would help the region cut back on its use of fossil fuels and curb emissions associated with conventional energy production.
"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," EIB Vice President for Latin America Magdalena Alvarez Arza said in a statement.
There was no corresponding statement from the CABEI or associated benchmarks announced for renewable energy. Members of the European Union are striving to use renewable energy for 20 percent of their energy needs by 2020.