Two CARICOM countries - Jamaica and Barbados - are among those slated to benefit from the first regional programme to promote electric mobility and green hydrogen in Latin America and the Caribbean.
The programme was approved by the Green Climate Fund in July this year.
The Inter-American Development Bank says it has endorsed a partnership with the Fund for the initiative, known as the "E-mobility Programme for Sustainable Cities in Latin America and the Caribbean".
It aims to provide US$450 million in concessional loans and grants to nine countries to help cities in the region transition toward lower carbon emissions and resilient public transportation.
It will accelerate the use of electric and hydrogen-based public transportation and make urban mobility systems more resilient to climate change.
The programme will help power the green transition in Barbados, Chile, Colombia, Costa Rica, the Dominican Republic, Jamaica, Panama, Paraguay, and Uruguay.
The announcement was made after a bilateral meeting at the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), currently underway in Egypt.
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