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Italian energy company Enel has announced that it will invest a further US$7 billion in Latin America over the next five years, providing an indication that the global financial crisis has abated in the region.

“The region is one of the places which has suffered least with the global financial crisis and another important issue is that it has a stable regulatory framework,” remarked Enel CEO Fulvio Conti during the inauguration of the 4th Italy–Latin America Caribbean Conference, reported Reuters.

The conference between the Mediterranean country and those of Latin America and the Caribbean covered issues relating to economic and social policies implemented by Latin American governments to deal with the effects of the global financial crisis. In this regard, Brazilian Planning Minister Paulo Bernardo stressed that the obstacles and challenges posed by the economic situation are being tackled “optimistically.”

Meanwhile, reported El Nacional, Panamanian President Ricardo Martinelli assured, “Italy has the chance to be a leader in Latin America,” while taking part in the meeting.

Conti went on to say, according to Finanzas, “Through the purchase of Endesa, which Enel holds the majority stake in, we have focused on the important objective of turning ourselves into a multinational company whose presence ranges from Eastern Europe to South America.” Enel is the largest electrical group with operations in Latin America through its Spanish subsidiary Endesa and through Enel Green Power.

Conti also explained, reported EFE, that Enel subsidiaries cater to 12.4 million Latin American customers, who account for 20 percent of the group’s coverage. “13,000 of our worldwide total of 82,000 employees work in Latin America,” he added.

According to Conti, growth rates in Latin America are evident, and in countries such as Brazil, Chile, Colombia and Peru, “Debt has been reduced, monetary reserves have been strengthened and public accounts have been reorganized, which is one of the most conflictive issues in the region.”

However, their praise regarding economic administration does not mean Italians are oblivious to the region’s typical problems. “Infrastructure must be improved to avoid risks in the supply of electrical energy,” said Conti, according to Clarín.

Enel has set itself the following objectives for the region: improving energy distribution based on its business platform, developing significant investments and promoting the use of technological innovation in the field of energy.