“Biodiesel will be incorporated into the energy matrix, initially accounting for 5 percent of domestic demand, that is 742 million liters (196 million gallons) per year, which is equivalent to the amount of conventional diesel fuel imported by Argentina in 2008,” Planning Minister Julio de Vido told a press conference.

The minister predicted that over the next four years biodiesel’s share of the conventional diesel-biofuel blend will rise to 20 percent.

The law mandating that diesel fuel contain a renewable component dates back to 2006 and stipulates that the measure must go into effect in 2010.

Separately, the minister said that in the face of “persistent record-high temperatures” in the current Southern Hemisphere summer, the electrical system has responded “perfectly within the normal parameters.”

He acknowledged that “there may have been some isolated” problems with the service, but nothing serious.

De Vido added that the government has already invested 18 billion pesos ($4.66 billion) to expand electricity generation and transport capacity in Argentina.

In that sense, he said investment projects totaling 29 billion pesos ($7.51 billion) are currently being carried out, in addition to planned future projects that will cost 31 billion pesos ($8.03 billion) EFE.

Source: Laht efe

Kyung Wook Hur, Vice Minister, Ministry of Strategy and Finance of Korea; and Luis Alberto Moreno, President, IDB, signed a memorandum of understanding to promote programs and projects that foster cooperation between them and, in particular, activities related to green growth, sustainable energy and climate change.

Photo: Árlette Pedraglio

The Export-Import Bank of Korea and the Inter-American Development Bank (IDB) will sign a an agreement to co-finance public and private sector projects worth as much as $2 billion in the next three years in Latin America and the Caribbean.

Kexim, as the Korean official export credit agency is known, and the IDB will work together to share information and identify and finance projects in infrastructure, information technology, trade finance and other areas. The accord will be signed in Medellín, Colombia, during the 50th Annual Meeting of the IDB’s Board of Governors.

Also during the annual meeting, the IDB and the Korean government, one of the Bank’s 48 member-countries, will also sign a cooperation agreement on Green Growth to develop and promote the use of renewable energy, efficient energy technologies and practices and carbon finance activities in Latin America and the Caribbean.

“We are honored by the presence in Medellín of Vice Minister Kyung Wook Hur and Kexim’s President Dong-soo Kim, whom on behalf of the Korean Government are making a special contribution to more sustainable economic growth in Latin America and the Caribbean by providing cutting-edge green technologies,”said IDB President Luis Alberto Moreno. “Kexim’s remarkable support with this large credit facility will allow the IDB to enhance its infrastructure financing during these difficult economic times”.

The accord also involves the creation of Green Growth Operations Steering Committee, formed by IDB officials, the Ministry of Strategy and Finance of Korea and members of Kexim. The committee will help in the formulation of policies that promote economic growth with environmental sustainability inn the region.

The IDB, the world’s largest regional development institution, and the Korean government are also strengthening its relations and partnering to provide advisory services in the areas of environmental protection, energy efficiency and sustainable finance.

Korea joined the IDB in 2005 as the Bank´s 47th member. The Asian nation has financed several IDB initiatives since then, including poverty alleviation programs and the development of small- and medium-sized enterprises in Latin America and the Caribbean.

The IDB, through its Office of Outreach and Partnerships (ORP) has facilitated the accomplishment of these partnerships that will provide additional financial and non-financial resources to its member countries and is now effectively becoming the platform for doing business in the region.

Source: BID