Mexico borrows money from France to help fight climate change

15:21, February 17, 2010      

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Mexico's government signed an agreement to borrow 185 million euros (250 million U.S. dollars) from the French Agency for Development (AFD) on Tuesday, to be used to support anti-climate change efforts, Mexico's Finance Ministry said in a statement.

The lending, the first by the AFD to Mexico, will go to Special Climate Change Program, a Mexican government program seeking ways to produce energy and goods without producing carbon monoxide, the gas that has made the greatest contribution to climate change. It will charge a rate over the European interbank offered rate (Euribor) and pay down over 20 years. The AFD will also offer technical training and support in applying anti-climate change polices.

Mexican President Felipe Calderon has made environment policy one of the keystones of his government. Last June, he launched a 10-billion-dollar one-year proposal for rich nations to support poorer nations' environmental efforts via World Bank administrated Green Fund. He also declared a unilateral carbon dioxide production reduction target for the nation and ordered the nation's regional governments to develop plans to bring it about.

Mexico will host the 2010 Conference of the Parties on climate change, a UN-backed initiative that seeks an upgraded agreement to replace the Kyoto Protocol after 2012.

Source: Xinhua
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