Venezuela Gets $700 Million IADB Loan

The Inter-American Development Bank provides $700 million loan to upgrade a hydro-power complex in Venezuela.

The Inter-American Development Bank (IADB) has provided a $700 million loan to upgrade a hydro-power complex in Venezuela, Reuters reports The regional lender’s loan will help replace six of the 20 turbines at Guri’s Simon Bolivar hydroelectric plant.

The loan is due to mature in 20 years, with a six-year grace period and a Libor-based interest rate, adds Hydro World. Venezuela will co-finance the project with $609 million. The project will enable Guri to offer 795 megawatts of additional power when it is completed in 2016.

Click here for the story from Reuters.

Click here for additional coverage from Hydro World.

Related