Federal Independent Agencies
News releases, reports, statements and associated documents from federal independent agencies.
Featured Stories
Inter-American Development Bank: Honduras to Further Decarbonize Its Electricity Sector, National Electric Power Company
WASHINGTON, Nov. 23 -- The Inter-American Development Bank issued the following news release:
The Inter-American Development Bank (IDB) has approved a $200 million Conditional Credit Line for Investment Projects (CCLIP) and a first $50 million individual loan under this credit line to support Honduras as it decarbonizes its electricity sector and National Electric Power Company.
For the same purpose, IDB has also approved $5.1 million in non-reimbursable financing and $2 million in non-reimbursable investment financing from the Strategic Climate Fund, as well as a $2.5 million grant from IDB
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WASHINGTON, Nov. 23 -- The Inter-American Development Bank issued the following news release:
The Inter-American Development Bank (IDB) has approved a $200 million Conditional Credit Line for Investment Projects (CCLIP) and a first $50 million individual loan under this credit line to support Honduras as it decarbonizes its electricity sector and National Electric Power Company.
For the same purpose, IDB has also approved $5.1 million in non-reimbursable financing and $2 million in non-reimbursable investment financing from the Strategic Climate Fund, as well as a $2.5 million grant from IDBCLIMA.
The program, which has been approved by the Board of Executive Directors of the IDB, will directly benefit 1.9 million customers of the Honduran National Interconnected System by giving them access to reliable and clean electricity. It will also benefit Afro-Honduran women, indigenous peoples, and young people in the project's area of influence through training on building and installing solar photovoltaic systems, as well as workshops on gender.
The program will also strengthen the capacities of national entities that have a hand in designing public energy policy to mitigate and adapt to climate change, as well as to monitor and report these initiatives.
Although Honduras has made progress on adding non-conventional renewables to its energy mix, the country still has work to do to meet its Nationally Determined Contributions, reduce its dependence on fossil fuels, and become more resilient to climate change.
The credit line aims to help decarbonized the electricity sector, give citizens better access to electricity, and improve the sector's financial and operational sustainability, through investments that enable a sustainable, reliable, and efficient supply of electricity.
The first individual lending operation will support Honduras's process of decarbonizing its power generation mix and making it more climate resilient. It will also enhance the sector's financial sustainability and build capacities to give Honduras the option of issuing bonds in green capital markets so it can meet its climate commitments.
It will therefore finance actions like developing and implementing disaster-resilient solar farms on the grounds of the National Electric Power Company's substations or hydroelectric power plants, or implementing battery storage systems at substations to guarantee a constant and efficient supply.
It will also build up the National Electric Power Company's technical and institutional capacity to efficiently manage electricity projects in ways that mitigate and adapt to climate change, and to monitor and report actions and investments in the sector.
The first individual $50 million IDB loan has two components. The first $32.5 million tranche has a 25-year repayment term, a 5.5-year grace period, and an interest rate based on the Secured Overnight Financing Rate (SOFR). The second $17.5 million tranche of concessional resources has a 40-year repayment term and grace period, and a 0.25% annual interest rate.
The $5.1 million in reimbursable financing from the Strategic Climate Fund has a 30-year repayment term, a 10.5-year grace period, and a 0.98% annual interest rate.
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About the IDB
The Inter-American Development Bank (IDB) is devoted to improving lives in Latin America and the Caribbean. Established in 1959, the IDB partners with the public sector in the region to design and provide innovative, high-impact solutions for sustainable and inclusive development. Through financing, technical experience, and knowledge, it drives growth and well-being in 26 countries. Visit our website at https://www.iadb.org/en.
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Original text here: https://www.iadb.org/en/news/honduras-further-decarbonize-its-electricity-sector-and-national-electric-power-company
Argentina Adopts Key Policies With Inter-American Development Bank Support
WASHINGTON, Nov. 23 -- The Inter-American Development Bank issued the following news release:
The Inter-American Development Bank (IDB) Executive Board approved four operations to support Argentina's strategy to promote fiscal sustainability and lay the groundwork for sustainable and equitable growth. The loans will assist the country in key measures to strengthen public finances, energy sector sustainability, and child development. Additionally, the IDB will support the City of Buenos Aires in improving access to public health services.
These operations contribute to the IDB's multidimensional
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WASHINGTON, Nov. 23 -- The Inter-American Development Bank issued the following news release:
The Inter-American Development Bank (IDB) Executive Board approved four operations to support Argentina's strategy to promote fiscal sustainability and lay the groundwork for sustainable and equitable growth. The loans will assist the country in key measures to strengthen public finances, energy sector sustainability, and child development. Additionally, the IDB will support the City of Buenos Aires in improving access to public health services.
These operations contribute to the IDB's multidimensionalstrategy in Argentina to support the government's efforts to achieve fiscal stability, ensure the protection of the most vulnerable populations, and ensure the path of growth.
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Comprehensive Early Childhood Development
The program will benefit pregnant women and children up to 4 years old by improving the efficiency of transfer programs and increasing access to quality early childhood development services. The project will shorten the verification and payment periods for compliance with health co-responsibilities under the Universal Child Benefit. Additionally, beneficiaries of the Universal Pregnancy Benefit will be able to access the program without filing paperwork. The project will also benefit close to 130,000 children attending Early Childhood Development Centers in vulnerable areas and 110,000 families participating in support programs to strengthen parenting practices. This is a $700 million loan.
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Transition to a Sustainable Electric Sector
This loan will benefit at least 2.5 million low-income residential electricity consumers in the Metropolitan Area of Buenos Aires and will focus on ensuring that these households maintain access to affordable electric service while strengthening institutional capacity to implement a more sustainable, fair, and progressive subsidy system. This is a $700 million loan.
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Digital Agenda for the Buenos Aires Health System
More than one million users of the public health system will benefit from this loan, which will finance the modernization of diagnostic equipment and the implementation of a more efficient hospital management system. As a result, the City of Buenos Aires will have timelier, integrated, and quality health information, reducing average waiting times for results, providing evidence for more accurate medical diagnoses, and facilitating inter-jurisdictional exchange. This loan will allow for acquiring and installing three CT scanners, two mammography machines, one MRI machine, 35 X-ray machines, three serology centrifuges, and four angiography machines. This is a $85 million loan.
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Fiscal Policy Strengthening Program
This project will support reforms to improve the efficiency of the tax system and the quality of public spending to foster fiscal sustainability. The financing will assist the Argentine government in reducing revenue from distortionary taxes and improving the targeting of subsidies for essential services, promoting more efficient and sustainable consumption. This loan will benefit citizens by supporting policies that enable a path to fiscal stability and inflation reduction, thereby maintaining the purchasing power of wages. The Argentine government will benefit from rapidly disbursed resources to meet reserve accumulation needs and efficiently manage public debt. This is a $650 million loan
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About the IDB
The Inter-American Development Bank (IDB) is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the IDB works with the region's public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise and knowledge, it promotes growth and well-being in 26 countries. Visit our website: https://www.iadb.org/en.
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Original text here: https://www.iadb.org/en/news/argentina-adopts-key-policies-idb-support
USAID at COP29
WASHINGTON, Nov. 22 -- The U.S. Agency for International Development issued the following news release:
During the 29th United Nations Framework Convention on Climate Change Conference of Parties (COP29), held November 11-22, USAID announced multiple initiatives and progress on commitments to advance efforts to combat the climate crisis, including:
USAID announced $53.7 million to drive private finance into hard-to-reach geographies and sectors. USAID aims to catalyze investments in adaptation and resilience, natural climate solutions, and local businesses and finance institutions from Colombia
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WASHINGTON, Nov. 22 -- The U.S. Agency for International Development issued the following news release:
During the 29th United Nations Framework Convention on Climate Change Conference of Parties (COP29), held November 11-22, USAID announced multiple initiatives and progress on commitments to advance efforts to combat the climate crisis, including:
USAID announced $53.7 million to drive private finance into hard-to-reach geographies and sectors. USAID aims to catalyze investments in adaptation and resilience, natural climate solutions, and local businesses and finance institutions from Colombiato Cambodia.
Since 2022, USAID has provided an additional $50 million to support the Early Warning for All initiative through the President's Emergency Plan for Adaptation and Resilience (PREPARE), bringing the total funding to $83 million. Along with partners, USAID's assistance expanded flood and flash flood early warning system implementation in more than 30 countries.
USAID announced $11.8 million for the Climate Smart and Disaster Ready program in West Africa, Central America, Southeast Asia, South Asia, and the Pacific Islands to support innovative and applicable adaptation solutions in communities at greatest risk to climate related disasters, bringing total funding to $16.2 million.
USAID launched the U.S.-India Low Carbon Comfort Cooling Collective, which aims to decrease stress on electricity networks and lower the cost and carbon emissions of cooling solutions in the face of intensifying extreme heat. USAID is also supporting the first early retirement of a coal-fired power plant in Indonesia under the Indonesia Just Energy Transition Partnership, and supporting development of the recently approved Direct Power Purchase Agreement in Vietnam, which will allow businesses to power their operations with up to 100 percent renewable energy for the first time.
Working with Congress, USAID announced an initial $6.6 million investment for a new Central America Hub for SERVIR(link is external), which will launch in early December. SERVIR is the flagship USAID-NASA partnership through PREPARE. The new Central America Hub will develop Earth observation based tools and services jointly with key stakeholders across the region, helping Central Americans prepare for and manage climate-related risks and environmental challenges such as drought and wildfire.
Working with Congress, Power Africa announced an initial commitment of up to $10 million over two years for the Investment Mobilization Collaboration Alliance's Green Value Chains in Africa funding window. As part of the joint collaboration with Denmark, Finland, Sweden, and Norway, this investment will improve critical minerals value chains and increase access to and use of clean energy to advance industrialization across Africa.
USAID committed $10.8 million to champion women as decision-makers, stakeholders, educators, and experts in responding to the climate crisis including through economic leadership.
For more detailed information on all of USAID's announcements at COP29, see this fact sheet or visit usaid.gov/climate/cop29.
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Original text here: https://www.usaid.gov/news-information/press-releases/nov-22-2024-usaid-cop29
Federal Telework: Selected Agencies Need to Evaluate the Potential Effects on Agency Performance
WASHINGTON, Nov. 22 (TNSrep) -- The Government Accountability Office issued the following report:
Here are excerpts:
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Fast Facts
This report--the first in a series--looks at how 4 agencies implemented telework and how it affected their operations, performance, and more during and after the COVID-19 pandemic.
All the agencies implemented three of the four telework practices we looked for, such as establishing eligibility criteria to ensure teleworking employees are approved equitably.
But some agencies haven't yet evaluated telework's effect on their ability to provide public services.
... Show Full Article
WASHINGTON, Nov. 22 (TNSrep) -- The Government Accountability Office issued the following report:
Here are excerpts:
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Fast Facts
This report--the first in a series--looks at how 4 agencies implemented telework and how it affected their operations, performance, and more during and after the COVID-19 pandemic.
All the agencies implemented three of the four telework practices we looked for, such as establishing eligibility criteria to ensure teleworking employees are approved equitably.
But some agencies haven't yet evaluated telework's effect on their ability to provide public services.Officials at selected agencies said factors other than telework affected their mission performance.
Our recommendations address issues with how agencies implemented and evaluated telework.
Highlights
What GAO Found
Telework use from fiscal years 2019 through 2023 varied among four selected federal agencies GAO reviewed: Farm Service Agency (FSA), Internal Revenue Service (IRS), U.S. Citizenship and Immigration Services (USCIS), and Veterans Benefits Administration (VBA). Most recently, for example, following reentry, telework use at FSA was at 11 percent of total hours worked, while at VBA telework use was around 66 percent. Officials from the selected agencies cited factors that affected how many and how often employees could telework, including agencywide in-office requirements, work portability and the need to meet in person with the public, supervisory status, and location. The selected agencies have taken steps to facilitate telework and teleworking employee interactions with the public, such as expanding online document submission services and providing virtual online appointments.
Agency officials told GAO that changes in telework use affected recruitment, hiring, and retention in various ways. For example, IRS officials said that telework helped the agency recruit customer service representatives (CSR) by expanding the potential talent pool to people who lived further away from agency locations. USCIS's analysis of its hiring data found telework availability significantly increased applicant interest in positions. FSA officials said that limited telework availability likely contributed to recruitment and retention challenges, but pay and workload issues were more important factors.
Officials at the selected agencies cited various factors as influencing changes in customer service performance. For example,
Other factors besides telework were identified as contributing to call wait times and correspondence backlogs. The percentage of taxpayers who received telephone assistance from an IRS CSR and associated call wait times improved from 2022 to 2023. IRS staff teleworked a majority of the time in both years. IRS officials told GAO the improvements were primarily due to additional staffing and technology upgrades following passage of the Inflation Reduction Act of 2022. Similarly, they attributed persistent backlogs in taxpayer correspondence to other issues besides telework, such as the partial shutdown of a major records center during the COVID-19 pandemic.
Factors other than telework were cited for changes in processing times and timeliness of veteran's education and disability claims decisions. Processing times for veteran's education claims improved from fiscal years 2019 through 2023 at VBA, a period when telework use increased. Agency officials attributed these improvements to additional flexibilities to hire staff following passage of the statute commonly referred to as the PACT Act, and increased automation. VBA officials cited a temporary closure of Federal Records Centers during the pandemic and a substantial increase in workload--rather than telework use--as reasons why the timeliness of disability claim decisions declined.
As shown in the figure, agencies fully or partially met four selected key practices for a successful telework program.
Agencies' Telework Programs Varied in Their Alignment with Selected Key Practices for Implementation of Successful Federal Telework Programs
In general, each of the agencies had a tracking system that provided accurate participation rates and other information about teleworkers and the program, such as a formal headcount of teleworkers and the extent to which they teleworked. However, VBA does not yet have a system to easily and reliably access telework agreement information, which is necessary to maintain quality telework data. Department of Veterans Affairs (VA) officials said that VBA has identified a technology solution to expand its capability to electronically extract usable telework data directly from telework agreement forms, and expects to complete implementation by December 2024. Until VBA completes this action, the agency is missing an opportunity to manage and oversee its telework program more efficiently.
Each of the four agencies took steps to identify problems with the telework program, such as through compliance reviews. VBA identified performance indicators it will use to annually evaluate the effects telework and other factors have on agency performance.
FSA, IRS, and USCIS have not yet evaluated telework's role in agency performance outcomes for a variety of reasons. For example, USCIS officials explained that the reason for not conducting an evaluation was largely because of the complexity of identifying how telework alone affects performance. FSA officials said that they have not conducted an evaluation in part because they were unsure of what indicators to use. They added that FSA's response to requirements in a 2023 Office of Management and Budget memorandum could help it identify indicators to evaluate its telework use, but it was too early to know.
In a future report, GAO plans to describe how the use of telework affected the Bureau of Indian Affairs, Social Security Administration, and the Department of State's ability to provide certain services and evaluate the extent to which these agencies' telework practices and plans aligned with selected key practices for successful telework programs.
GAO will also issue a report on federal use of remote work in 2025. Remote work is a work arrangement where an employee performs work from an alternate worksite (generally the person's residence) and is not expected to report to an agency location on a regular and recurring basis. It is distinct from telework, where workers are expected to report to an agency location on a regular basis and have regularly scheduled days where they work from an alternate worksite.
Why GAO Did This Study
For many years, federal agencies have used telework to help accomplish their missions, manage their operations, and promote work-life balance for their employees. Telework was also essential for many agencies to continue operations and keep federal employees safe during the COVID-19 pandemic.
GAO was asked to review the implications of telework in the federal government. This report is part of a series of reports on telework in the federal government. This report (1) describes how the use of telework has contributed to ongoing changes among selected federal agencies' workforce postures, operations, and organizational health; (2) summarizes how the use of telework--among other factors--may have affected agencies' performance on select customer service indicators; and (3) assesses the extent to which these agencies' telework practices and plans aligned with selected key practices for successful telework programs.
For this report, GAO collected and analyzed the agencies' telework data from July 2019 through December 2023. GAO conducted 26 discussion groups separately with supervisors and non-supervisory staff and interviewed selected agencies' officials. GAO also analyzed agency performance reports and other documents and compared agencies' activities with selected key telework practices identified in GAO-21-238T .
Recommendations
GAO is making four recommendations, including that FSA, IRS, and USCIS evaluate their telework programs to identify problems or issues with the programs and make appropriate adjustments, and assess the effects of telework on agency performance. DHS agreed with the recommendation to USCIS. IRS partially agreed with the recommendation, and USDA did not agree or disagree with the recommendation to FSA. GAO continues to stand by its recommendations.
GAO also recommended that VA require VBA to finish its plan to update its telework system so that it can efficiently extract telework agreement information. VA agreed with the recommendation.
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Original text here: https://www.gao.gov/products/gao-25-106316
Federal Home Loan Bank of Dallas, Eight of Its Members Award $283K to DFW Nonprofits
DALLAS, Texas, Nov. 22 -- The Federal Home Loan Bank of Dallas, a district bank in the Federal Home Loan Bank System, issued the following news release:
Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas) and eight of its members awarded $283,000 in grants to eight nonprofits in DFW. The awards were part of more than $1.2 million awarded to community groups through the Partnership Grant Program (PGP) and were celebrated during an event today at FHLB Dallas.
"The PGP gives us the opportunity to partner with our financial institution members to connect with community organizations
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DALLAS, Texas, Nov. 22 -- The Federal Home Loan Bank of Dallas, a district bank in the Federal Home Loan Bank System, issued the following news release:
Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas) and eight of its members awarded $283,000 in grants to eight nonprofits in DFW. The awards were part of more than $1.2 million awarded to community groups through the Partnership Grant Program (PGP) and were celebrated during an event today at FHLB Dallas.
"The PGP gives us the opportunity to partner with our financial institution members to connect with community organizationsthat may not have the staff or the budget to access major grant funding," said FHLB Dallas President and CEO Sanjay Bhasin. "Some of our grant recipients are small in terms of budgets and staff, but their work has been impactful and inspirational. It's our hope that these grants will help support them in the good work they already do."
All eight organizations receiving grants were in attendance.
U.S. Representative Marc Veasy, TX-33, whose district includes parts of both Dallas and Tarrant counties, commended the work of the awardees.
"These organizations are making a real difference in our communities by addressing critical needs in affordable housing, education and community development," he said. "Local nonprofits are at the heart of our neighborhoods -- they know the issues, they understand the people and they deliver results. As we move into 2025, I'm committed to continuing to support these vital organizations that are working every day to improve access to housing, economic opportunities, healthcare and education for all."
Under the Partnership Grant Program, FHLB Dallas member institutions contribute $500 to $5,000 to a nonprofit, which FHLB Dallas matches at a 5:1 ratio to provide up to $25,000 to the organization per member. The awards help promote and strengthen relationships between community-based nonprofits and FHLB Dallas members.
The following organizations and the FHLB members that helped fund the grants were celebrated during the event:
- BH365 Education Foundation, Dallas: $9,000
- Veritex Community Bank
- Ferguson Road Initiative, Dallas: $30,000
- Charles Schwab Bank
- Renaissance Heights Foundation, Fort Worth: $30,000
- Charles Schwab Bank
* South Dallas Fair Park Innercity Community Development Corp. (CDC), Dallas: $64,000
- Charles Schwab Bank
- Inwood National Bank
- Woodforest National Bank
* SP 1600 Pennsylvania Avenue, Dallas: $30,000
- Independent Financial Bank
* Stars United Global Outreach, Grand Prairie: $30,000
- Centennial Bank
* Youth With Faces, Dallas: $30,000
- Oakwood Bank
* Zan Wesley Holmes, Jr. Community Outreach Center, Dallas: $60,000
- American First National Bank
- Oakwood Bank
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For more information about PGP, visit fhlb.com/pgp.
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About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $129.4 billion as of September 30, 2024, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.
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Original text here: https://www.fhlb.com/library/press-releases/2024/fhlb-dallas-and-eight-of-its-members-award-283k-to
Existing Home Sales Remain Subdued, While Signs Point to Continued Strength in New Home Construction
WASHINGTON, Nov. 22 -- Fannie Mae issued the following news release:
Key Takeaways:
While we had expected an increase in existing home sales in October, the sales figure was somewhat weaker than expected given the comparatively larger rise in pending sales in September. October sales likely represent most of the bump up in sales we're going to see from the brief mortgage rate dip in September, as weekly mortgage application data suggest that sales are likely to decline somewhat again to end 2024. Given affordability constraints and a strengthened lock-in effect from the recent rise in interest
... Show Full Article
WASHINGTON, Nov. 22 -- Fannie Mae issued the following news release:
Key Takeaways:
While we had expected an increase in existing home sales in October, the sales figure was somewhat weaker than expected given the comparatively larger rise in pending sales in September. October sales likely represent most of the bump up in sales we're going to see from the brief mortgage rate dip in September, as weekly mortgage application data suggest that sales are likely to decline somewhat again to end 2024. Given affordability constraints and a strengthened lock-in effect from the recent rise in interestrates, we expect only a modest improvement in existing sales in 2025.
The new home market remained strong in October. Despite the pullback in single-family starts, which we had expected given disruptions from hurricanes Helene and Milton, single-family permits climbed to their highest level since April. Combined with an increase in homebuilder confidence, particularly in the forward-looking measure for sales over the next six months, we expect single-family construction to rebound in November and remain on a strong trend through our forecast horizon.
Nathaniel Drake
Economic and Strategic Research Group
November 22, 2024
Opinions, analyses, estimates, forecasts, beliefs, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, beliefs, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, beliefs, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.
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Original text here: https://www.fanniemae.com/research-and-insights/forecast/existing-home-sales-remain-subdued-while-signs-point-continued-strength-new-home-construction
Colombia to Accelerate Its Just Energy Transition With Support From Inter-American Development Bank, Climate Investment Fund
WASHINGTON, Nov. 22 -- The Inter-American Development Bank issued the following news release:
The Inter-American Development Bank (IDB) has approved a $138.5 million investment program to speed up Colombia's just energy transition, along with a $3.6 million technical cooperation grant from IDB CLIMA, which hinges on meeting performance indicators linked to nature and climate. An additional $1.4 million grant for structuring projects has also been approved.
The loan, which has been approved by the IDB Board of Executive Directors, includes the first operation of the IDB CLIMA pilot program. This
... Show Full Article
WASHINGTON, Nov. 22 -- The Inter-American Development Bank issued the following news release:
The Inter-American Development Bank (IDB) has approved a $138.5 million investment program to speed up Colombia's just energy transition, along with a $3.6 million technical cooperation grant from IDB CLIMA, which hinges on meeting performance indicators linked to nature and climate. An additional $1.4 million grant for structuring projects has also been approved.
The loan, which has been approved by the IDB Board of Executive Directors, includes the first operation of the IDB CLIMA pilot program. Thisresults-based initiative rewards countries that achieve targets related to protecting nature and combating climate change.
The program will directly benefit the end users of the electricity infrastructure, including industries, businesses, stores and homes. The Colombian population will also indirectly benefit from its positive environmental and economic impacts, particularly reduced pollution and increased local income.
The "IDB CLIMA: Energy Transition Support Program" for Colombia aligns with Amazonia Forever, the IDB's program to provide comprehensive support for sustainable development in the Amazon. The project in Colombia will accelerate financing for just energy transition projects and strengthen the tools and capabilities of the Colombia's Financiera de Desarrollo Nacional (FDN) development bank so it can access thematic green capital markets.
This project will boost financing for non-conventional renewable energy projects in the National Interconnected System, as well as in Non-Interconnected Areas. This includes scaling up technologies to enable these energy sources to come online, and support to achieve the sector's specific goals for decarbonizing the economy.
To this end, the program will finance interventions that support just energy transition projects; that strengthen the technical capacities of the FDN to identify, design, and manage a portfolio of climate projects; and that improve FDN's climate monitoring, reporting, and verification capacities.
The $1.4 million technical cooperation grant will fund actions such as structuring projects that could be financed by the loan's resources. It will support the process of strengthening policies and plans for mainstreaming gender and diversity at the FDN and among its borrowers and preventing gender violence in energy projects.
The $138.5 million loan consists of a $72 million tranche from the IDB's ordinary capital, with a 24.5-year repayment term, 6-year grace period, and an interest rate based on the Secured Overnight Financing Rate (SOFR), along with the IDB Clima grant described above.
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About the IDB
The Inter-American Development Bank (IDB) is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the IDB works with the region's public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise and knowledge, it promotes growth and well-being in 26 countries. Visit our website: https://www.iadb.org/en.
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Original text here: https://www.iadb.org/en/news/colombia-accelerate-its-just-energy-transition-support-idb-and-climate-investment-fund
