CAF revives plan to finance recovery of the electricity sector in Venezuela in alliance with national and US companies.
The trip of the United States Secretary of the Interior, Doug Burgum, to Caracas accelerated not only the reform of the mining sector, but also the approach to the electrical issue. To this end, the intention to move forward with the plan introduced seven years ago to CAF - Latin American Development Bank - has been reactivated [...]
TL;DR
- US Secretary of the Interior Doug Burgum's visit to Caracas has accelerated reforms in both the mining and electricity sectors.
- The CAF (Latin American Development Bank) is reviving a seven-year-old plan to finance the recovery of Venezuela's electricity sector.
- The CAF is also studying the development of wind and solar energy projects, along with battery energy storage systems.
- Direct, fast-disbursing loans from CAF to the Venezuelan government are currently impossible due to the country's outstanding debts.
- CAF's alternative is to support private companies working on thermal gas plants, aimed at increasing generation capacity, particularly in the center and west of the country.
- Venezuelan authorities, including Vice President Delcy Rodríguez, have prioritized reforming the electricity sector and updating the National Electric System Law.
- The goal is to ensure a robust electricity system capable of supporting economic development and the daily lives of Venezuelans.