Washington, Oct 22 (EFE) The World Bank has announced a $1.5 billion loan to Mexico to fund environmental protection efforts.
Mexico has pledged to do more to reduce emissions of greenhouse gases, regarded as a contributing factor in climate change.
The “Green Growth” loan will finance Mexico’s plans to develop a regulatory and financial framework for clean energy, as well as concrete steps to reduce emissions in the transport and energy sectors, the World Bank said in a statement Wednesday.
While the project is set to be completed in 2011, Mexico will have 17 years to repay the loan, with a grace period of 16 1/2 years.
“This loan supports the government of Mexico as it implements a uniquely forward-looking set of policies. We recognise and value that even in the face of a difficult global economic situation the government set its efforts to reduce emissions in the long term and to reach sustainable growth,” said Gloria Grandolini, World Bank country director for Mexico and Colombia.
