The World Bank's board of directors approved a new loan agreement worth US$38 million for the second phase of the META project (Energy and Mineral Sector Strengthening Project), which aims to develop and build technical capacity in the Brazilian energy sector.
“This second stage, planned to see the execution of around 30 subprojects by 2025, aims to increase efficiency, long-term infrastructure adequacy and climate resilience in both sectors, allowing them to grow more efficiently and competitively,” he said. Paloma Casero, director of the World Bank.
According to the MME (Ministry of Mines and Energy), the loan to be signed, after approval by the Federal Senate, will continue the actions carried out in the first phase of the META project, whose loan agreement, worth US$49 million, was executed in the period from 2012 to 2018.
“The first phase of Meta provided technical assistance to strengthen the capacity of the main public institutions to increase the sector’s contributions, in order to reduce the growth of carbon emissions in an environmentally and socially sustainable way”, stated Paloma.
According to the World Bank, the Brazilian electricity sector is one of the most sophisticated in Latin America, but faces a series of challenges regarding security of supply, affordable cost and greater resilience to climate change.
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