The World Bank has approved a $ 38 million loan to help Brazil modernize and strengthen its energy sector.
This loan will be used to fund the Energy and Mineral Sector Strengthening Project II (META 2).
Public institutions and sectoral institutions will get access to technical assistance activities including studies, training, methodologies, databases and IT equipment.
The loan came at a time when the Brazilian energy sector failed to realize its full development potential and promote environmental sustainability and social inclusion.
By using the loan, Brazil is expected to increase power production more reliably, at lower prices.
The Brazilian Ministry of Energy will utilize loans to:
- Increase efficiency, adequacy of long-term infrastructure and climate resilience in the energy and mining sectors.
- Strengthening of institutional energy and mining institutions to establish and implement strategies, policies and regulations; and
- Support implementation, monitoring and evaluation, knowledge sharing and dissemination.
“The energy and mining sectors are among the main drivers of the Brazilian economy because they form the basis for the sustainability of the industrial and commercial sectors, besides leading to the provision of services that are important for the quality of life of citizens. This project is a continuation of a long-term collaboration with the World Bank. This new phase will promote change to support sustainable extraction and processing of minerals and metals to meet the needs of global supply chains for new inputs and technologies. In energy, working together will make it possible to improve market efficiency and resilience in Brazil, “said Bento Costa Lima Leite, Brazil’s Minister of Mines and Energy.
“METAThe first phase provides technical assistance to strengthen the capacity of key public institutions to increase the sector’s contribution towards a lower carbon growth path that is environmentally and socially sustainable, “said Paloma Ana Casero, Director of the World Bank for Brazil. “This second phase aims to improve efficiency, the adequacy of long-term infrastructure and climate resilience in the two sectors, enabling them to grow in a more efficient and competitive way.”
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