IADB plans $60 m investment into exploration support in Nicaragua
The Inter-American Development Bank (IADB) plans investments of up to $60 million for the exploration of geothermal resources and subsequent investment into development in Nicaragua.
The Inter-American Development Bank (IADB) recently presented a proposal on financial support for exploration and the certification of geothermal energy reserves in Nicaragua.
In a presentation to local media in the country, IADB representative Mr. Carlos Melo presented the plans that are to help promote renewable energy and attract foreign investment into Nicaragua.
IADB expects to invest up to $60 million into this program, which is planned to be executed in public-private partnerships.
With this project, it is planned to make Nicaragua more attractive and present a reliable destination for investment of both national and foreign investors. It is expected that the project will as a result provide access to data about available reservoirs, the potential capacity and other reservoir details, which would then make it easier to obtain financing for exploration and utilisation of geothermal energy. This will also include improved legislative framework elements, for e.g. permits and other certifications.
Source: Rodrigo Ibarra of Arias & Muñoz in Lexology