BAKU, Azerbaijan, March 29. The European Investment Bank (EIB) and Banco del Estado de Chile have signed a $110 million loan agreement in Santiago to finance energy efficiency and renewable energy projects for small and medium businesses, industries, and critical raw materials value chain companies in Chile, Trend reports.
This initiative is part of the EU Global Gateway Investment Agenda, which aims to develop sustainable local value chains in the country’s critical raw materials sector.
The agreement was signed by Daniel Hojman, President of Banco del Estado de Chile, and Thouraya Triki, EIB Director of the International Partners Department, with European Commissioner for International Partnership Jozef Sikela in attendance.
The project focuses on supporting Chile’s transition to a decarbonized economy by improving energy efficiency and increasing the use of renewable energy. The financing will particularly target mining companies and those in the critical raw materials supply chain, helping to decarbonize the sector and facilitate the country’s clean energy transition.
Jozef Sikela, European Commissioner for International Partnership, highlighted the importance of the financing, stating it contributes to both climate action and economic growth in Chile. He noted that the collaboration between the EU and Chile strengthens efforts to ensure environmental protection alongside economic development.
Daniel Hojman, President of Banco del Estado de Chile, emphasized the bank's commitment to sustainability and green financing, adding that this agreement supports Chile’s long-term transition to a more sustainable economy.
Ioannis Tsakiris, Vice-President of the EIB, also stressed the loan’s role in enhancing Chile’s energy security and contributing to the country’s green transition, particularly for small and medium-sized enterprises in the energy and critical raw materials sectors.
This agreement is part of the EU’s broader Global Gateway Investment Agenda, which focuses on projects in sectors such as energy, climate, digital infrastructure, and education. The EU aims to mobilize up to 300 billion euros for sustainable investments globally between 2021 and 2027.