The Multilateral Investment Fund (MIF) will provide a non-reimbursable $150,000 dollars grant to Camino Sabio Azul S. de RL de CV, in support of an energy efficiency and water project that targets low-income residents in the Valley of Mexico and northern Baja California. The project will be implemented in low income housing communities and it is expected to reduce consumption and cut energy and water costs for end users.
The initiative also supports the “Mujeres Plomeras” (Women Plumbers) program, which will identify and train the technical staff, mostly women, who will be responsible for the replacement of existing water facilities with more efficient new ones.
During the signing of the collaboration agreement, Mercedes Araoz, Inter-American Development Bank (IDB) Representative in Mexico, highlighted the importance of this initiative: "This is an innovative business model that allows the recovery of investment through carbon bond sales. It also favors the empowerment of women by showing that, with sufficient training; they can perform jobs that were traditionally done by men. "
In addition to directly benefiting 15,000 public housing units during project implementation and monitoring of emission reductions, the project will also demonstrate the viability of a business model that provides mechanisms for saving energy and water with carbon financing.
"At Camino Sabio Azul we aim to address public and environmental needs in urban areas of developing countries. With the support of the MIF, we will work to improve access for low-income populations, demonstrating that it is possible and also economically profitable," said George T. Maher, General Manager of Camino Sabio Azul.
Nancy Lee, MIF’s General Manager, stressed the importance of using such initiatives aimed at local entrepreneurs to facilitate wider deployment, commenting, "The implementation of this project will generate knowledge of great interest to a large number of actors, including private companies and social entrepreneurs who may be interested in replicating the model in other metropolitan areas of the region."