Representative Adriano Espaillat Introduces the Las Americas Security Act 
 
The Las Americas Energy Security Act Expands U.S. Influence in Western Hemisphere 

NEW YORK, NY – Today, Representative Adriano Espaillat (NY-13) issued the following release on the re-introduction of his bill to offer low-interest and zero-interest loans to Latin American and Caribbean countries aimed at promoting energy stability and addressing climate change throughout the region.

Click here to read details of the Las Americas Security Act.

“We cannot ignore that our allies in the Western Hemisphere are facing ongoing economic instability, an energy crisis, and exacerbated environmental challenges brought on by the climate crisis,” said Rep. Espaillat. “Without sustainable long-term energy development, our partners will be especially vulnerable to extreme weather events and droughts, which would impact the supply chain and local shipping routes—further exacerbating economic challenges. I am proud to reintroduce my ‘Las Americas Security Act’ to provide critical resources to increase the region’s energy supply, diversify sources of energy in Latin America and the Caribbean, help spur further investment, and stabilize the region to help our allies.”

The Las Americas Energy Security Act would require the Treasury Department, with the concurrence of the State Department, to establish a new sovereign lending program for Latin American and Caribbean countries to help meet their short-term energy needs and fund renewable energy projects in these nations. In particular, the Act:

·    Appropriates $100 million for each of the next five fiscal years (FY 2024 through FY 2029) for this new lending program. Under this new program, countries could receive either a zero-interest loan (not to exceed 30 years in duration) or a low-interest concessional loan (not to exceed 50 years in duration). 

·    Directs the heads of relevant federal agencies to prioritize and expedite energy security and alternative energy projects in the Caribbean and Latin America using this new loan program.

·    Would not allow countries sanctioned by the U.S., designated as foreign adversaries, or designated as state sponsors of terrorism to apply for the new loan program.

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