Corporacion Andina de Fomento, the Latin American development bank, and Brazil’s government agency Finep will provide $200 million to researchers of clean-energy technologies to help startup companies bring products to market.
The institutions will accept proposals in September for as much as 4 million reais ($1.94 million) from companies studying power plants that cater to isolated communities in the Amazon, Alice Abreu, head of international cooperation at Finep, said today in a telephone interview.
Early-stage companies in Latin America often lack the financial resources to turn ideas into pilot projects and later patented technologies, she said.
“We’ll help companies get ideas off the ground and progress all the way to the commercialization stage,” she said. “Getting your technology patented is a crucial part of that process.”
CAF and Finep, formerly known as Financiadora de Estudos e Projetos, will each furnish $100 million of grants and loans through 2015, she said.
The two lenders will hold more calls for proposals in the future and still need to agree on the cost of the financing, she said.
“We both lend at different rates,” she said. CAF, based in Caracas, offers loans with annual interest rates of about 12 percent while Finep may lend at rates as low as 4 percent.
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