Project Detail |
The development objectives of the First Green and Resilient Recovery Development Policy Loan in Ecuador assist the government in its agenda to tackle selected structural challenges to foster growth, inclusion, job creation, and climate resilience, strengthen low-carbon development and help realize its commitment to become carbon neutral by 2050. The first pillar tackles selected structural challenges to foster growth, inclusion, job creation, and climate resilience. It supports selected measures to: (i) make fiscal management more inclusive and resilient by increasing tax collection in an inclusive, transparent, and green manner and strengthening the institutional framework to deal with climate-related challenges; (ii) foster growth and labor opportunities by reducing trade barriers, and reducing rigidities in labor markets; and (iii) strengthen mechanisms to support the most vulnerable groups such as people at the bottom of the income distribution and those exposed to malnutrition. The second pillar strengthens low-carbon development. It does so by: (i) promoting a greener and more resilient energy sector by fostering private investment in developing NCRE generation, including distributed renewable generation, 13 fostering energy efficiency investments, and promoting a decarbonized transport sector; and (ii) enhancing measurement and reporting of GHG mitigation initiatives to better monitor decarbonization progress, and help develop voluntary carbon markets. This operation seeks to assist the government in its agenda to tackle selected structural challenges to foster growth, inclusion, jo b creation, and climate resilience, strengthen low-carbon development and help realize its commitment to become carbon neutral by 20 50. Key Details Project Details Project ID P176983 Status Active Team Leader Christian Yves Gonzalez Amador,Janina Andrea Franco Salazar,Julio Velasco Borrower 2 Republic of Ecuador Country Ecuador Approval Date (as of board presentation) February 1, 2022 Total Project Cost 1 US$ 0.00 million Implementing Agency N/A Region Latin America and Caribbean Fiscal Year 3 2022 Commitment Amount US$ 700.00 million Environmental Category N/A Last Update Date May 24, 2022 Closing Date January 31, 2023 Last Stage Reached |