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The Star
01-07-2025
- Business
- The Star
Spain, World Bank launch debt-swap hub to free development funds
FILE PHOTO: Spanish Minister of Economy, Trade, and Enterprise Carlos Cuerpo participates in a media interview at the International Monetary Fund (IMF) and the World Bank Group 2024 Fall Meeting in Washington, U.S., October 23, 2024. REUTERS/Kaylee Greenlee Beal/File Photo LONDON (Reuters) -Spain has partnered with the World Bank to help countries free up money to spend on sustainable development projects via debt swaps, the country's Ministry of Economy said on Tuesday. With rich governments cutting official development aid and many countries spending more on servicing debt than on development, nations are turning to creative ways to find cash to support projects ranging from protecting coral reefs to paying for water sanitation projects and schools. The Global Hub for Debt Swaps for Development, launched at the Finance for Development summit in Seville, southern Spain, will provide countries with technical and financial assistance as they look to reallocate finance to projects like food security and climate adaptation, the Spanish government said. Countries from Barbados to the Ivory Coast have used debt-swap mechanisms over the last year to buy back more expensive loans or bonds and refinance them at cheaper rates, while pledging to use the savings for social and environmental projects. But critics say such deals can be time-consuming, costly and hard to replicate, which has prevented more widespread adoption of a tool advocates say is critical to helping countries reduce debt burdens and address development issues. "We have heard loud and clear the message from many countries: we need practical tools that make debt swaps simpler, faster, and more accessible," Spain's Minister of Economy, Trade, and Business Carlos Cuerpo said. Spain will contribute 3 million euros ($3.54 million) to support the Hub, while the World Bank said it will host a "multi-partner trust fund to finance technical assistance". "By turning successful pilot projects into repeatable solutions, we can ease debt burdens and unlock investments in education, health, and opportunity," World Bank Group President Ajay Banga said. In the last two decades, Spain has signed 47 agreements with 28 countries, resulting in the forgiveness of 1.64 billion euros of debt. The government has put in place a new national framework to sign bilateral debt swap agreements totaling up to 300 million euros over the next five years, the Economy Ministry said. ($1 = 0.8470 euros) (Reporting by David Latona, writing by Virginia Furness; Editing by Sharon Singleton)
The Hindu
23-05-2025
- Business
- The Hindu
‘Bengal actively transitioning to renewable energy, seeks private sector participation'
West Bengal's Minister-in-Charge for Industry, Commerce and Enterprise, Dr. Shashi Panja, along with senior bureaucrats of the State's power sector, discussed the State's push for transition to clean energy, estimating that 'opportunities in energy transition alone in the State would be to the tune of ₹70,000 crores over the next five years.' 'West Bengal is proud to be at the forefront of India's energy transition… Our strategic location, competitive costs, and infrastructure make us a natural hub for industry and renewable energy,' Dr. Panja said at the East and North East India Energy Conclave hosted by the Indian Chamber of Commerce in Kolkata on Thursday (May 22, 2025). This comes amidst a nationwide push for a transition to clean energy sources, with a target of achieving 500 gigawatts (GW) of energy from non-fossil sources by 2030. Additionally there were recent reports of the Union government considering amendments to laws pertaining to the country's nuclear energy sector. According to A.K. Saxena, senior director of the Electricity and Renewables Division of TERI, solar energy accounts for almost two-thirds of the assessed potential of 88GW of clean energy generation in the eastern region of the country. 'West Bengal is actively transitioning to renewable energy sources to reduce our dependence on thermal power. The State is seeking active participation from the private sector as well…West Bengal possesses about 19,000 MW of ground-mounted solar potential, with the average renewable energy tariffs dropping to almost ₹3 per kilowatt hour. Solar power has emerged as an economically viable solution to meeting the State's growing energy needs and sustenance of the energy department,' Dr. Panja highlighted. She added that there is an estimated 'floating' solar photovoltaic potential of 3,567 megawatts (MW) across 30 major dams. She also highlighted the 125 MW solar PV farm in Goaltore in Paschim Medinipur, jointly funded by the State (₹150 crore) and the German Development Bank (₹600 crore). Notably, in February this year, the State unit of the Bharatiya Janata Party said that West Bengal has installed solar projects of only 0.31 GW, which is only 5% of its estimated solar capacity of 6.26 GW. Meanwhile, Dr. Panja added that the State has a potential of about 20,000 megawatts (MW) of wind power at a hub height of 100 metres above the ground level, and 23,000 MW of wind power at 150 metres above ground level, assuming full utilisation. Meanwhile, the State's biomass potential is estimated at 2,864 MW, with districts like Paschim Midnapore, South 24 Parganas, and Purba Bardhaman accounting for half of this assessed potential. However, the Minister declined to comment on whether the State is exploring the possibility of nuclear energy. Notably, in response to a question in the Lok Sabha, the Department of Atomic Energy said on March 12 this year that construction work has not yet started for the Haripur Nuclear Power Plant project in West Bengal, which was accorded 'in principle' approval of the government in 2009. Several paths to energy transition 'It is estimated that the opportunities in energy transition alone in the State of West Bengal would be to the tune of ₹70,000 crores over the next five years or so. So I see that as a huge opportunity for investing in Bengal for various new technologies related to renewable energy and energy transition,' Barun Kumar Ray, additional chief secretary of the State's non-conventional and renewable energy sources department, said on Thursday. Mr. Ray added that the government is considering extending the life of vehicles switching over from internal combustion engines to battery-powered and electric motors, to improve the penetration of electric vehicles. 'We, in the renewable energy department, are in talks with some utilities to set up some battery energy storage in West Bengal… As far as other areas are concerned, we are thinking in terms of agrophotovoltaics, which would be interesting in the State of West Bengal,' Mr. Ray said. Agrophotovoltaics refers to an innovative system in which the same piece of land is used for the production of food as well as energy. Mr. Ray added that the State government is prioritising the solarisation of all agricultural pumps in the State and providing a 'solar cold chain' to help farmers increase the shelf life of harvested fruits and vegetables
