The International Monetary Fund (IMF) projected that Chile's Gross Domestic Product (GDP) will decrease 6% this year, according to their October World Economic Outlook report. This projection marks an improvement for the Chilean economy with respect to the same measurement made by the IMF last June, when it pointed out that the national GDP would fall by 7.3%.
Chilean financial analysts are maintaining their forecast of a 5.5% drop in gross domestic product (GDP) for 2020, reported by the Central Bank of Chile. According to the bank's Economic Expectations Survey, analysts continue to expect the economy to recover with 4.5% growth in 2021 and 3% increase in 2022, as forecast in September's survey. Regarding the Monetary Policy Rate, the survey projected it will remain at 0.5% over the next 17 months, then rise to 0.75%.
Mainstream Renewable Power has closed a $280 million “mezzanine” construction finance facility with AMP Capital Infrastructure Debt Fund IV to support a 1300MW build out in Chile. The proceeds will be used to fund a portion of construction equity towards a three-phase 951MW onshore wind and 350MW solar PV construction campaign known as Andes Renovables.
Corfo, the Ministry of National Assets and the Ministry of Energy signed a collaboration agreement to make available fiscal land to promote its development. The agreement, in which National Assets committed to set aside 11,986 hectares in the Diego de Almagro commune of the Atacama Region and to incorporate new reserve areas for green hydrogen projects, will last for two years and can be extended automatically and successively for equal periods.
The World Bank said its executive board approved $12 billion in new funding for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests and treatments for their citizens.