Bank Loans Venezuela US$1.75 Billion for Hydro Project

The Inter-American Development Bank (IADB) has loaned Venezuela US$1.75 billion to complete construction of a 2,320-MW hydroelectric project on Venezuela’s Caroni River.

Venezuelan Finance Minister Ali Rodriguez said the loan will be used to complete the Manuel Piar project, which is expected to begin power production by 2012.

State-run Electrificacion del Caroni is building the dam, which includes a 300-meter-long, 82-meter-tall concrete dam and hydropower station. Earlier this year, the IADB approved an US$800 million supplementary loan for the construction project. (HydroWorld 8/10/09)

Venezuela President Hugo Chavez renamed the Tocoma project Manuel Piar in 2006. It will bring to four the number of hydro stations powered by the Caroni River. (HydroWorld 5/8/09)

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