PW
Español

 

PW
Guyana
Surinam


PW
Trinidad

& Tobago
Caribbean

 

Prices
Graphics

 




Very usefull links



PW
Bookstore





Blogspots

The Global Barrel

Tiempo Culural

Gustavo Coronel

Iran Watch.org

Le Blog des
Energies Nouvelles

News Links

AP

AFP

Aljazeera

Dow Jones

Reuters

Bloomberg

Views and News
from
Norway

 

PW
Bookstore

 

 

 

Uruguay to push on environmental-linked lending at multilaterals

 

 

 

 



By Ken Parks and Eric Martin / Bloomberg

MONTEVIDEO/WASHINGTON
Petroleumworld 10 13 2021

Uruguay will push for cheaper multilateral loans for countries that implement strong environment policies, Finance Minister Azucena Arbeleche said, as the country prepares to take over a key committee at the World Bank and the International Monetary Fund.

“This would apply not only for bonds issued in capital markets, but could include loans disbursed by multilateral agencies,” Arbeleche said in an interview at the nation’s embassy in Washington.

As chair of the Development Committee starting next month, Arbeleche said she will also help developing countries obtain funding to fight climate change and “meet more ambitious climate goals,” as well as promote more equitable access to Covid-19 vaccines.

The move comes as green bonds and sustainability-linked bonds gain popularity among companies and governments, with issuance through last month surging to $424 billion, according to data compiled by Bloomberg.

The committee is a ministerial-level forum of the World Bank and the IMF for intergovernmental consensus-building on development issues. Arbeleche will serve as chair through October 2022.

Uruguay is working on its own green bond that would allow it to borrow money for general spending purposes rather than earmarking funds for specific environmental or social programs as has been the case for sovereign green bonds sold by other countries, she said. Arbeleche declined to comment on the timing of the issuance, which she said would be the first of its kind in the sovereign bond market.

The country might also sell its first Yen-denominated bond in a decade this year after finishing a non-deal roadshow with Japanese investors two weeks ago, said Herman Kamil, director of the Finance Ministry’s debt management unit.

“We still need to iron out the financial conditions of the potential issuance,” he said.

Other key points from the interview:

Uruguay’s economy is on track to grow 3.5% in 2021

“Uruguay is heading to an inflection point in the battle against the pandemic and we already see clear signs that the recovery is underway,” she said

Uruguay is in conversations with other countries that could lead to free trade negotiations
Arbeleche was optimistic that Uruguay and China will eventually clinch a free trade agreement

____________________

 

TOP

                                                                                                                                                                                                                                                                                                                                                                                             Contact: editor@petroleumworld.com,


Editor & Publisher:Elio Ohep /
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2021, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2021, Petroleumworld   / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.