To step up its Sustainable Energy Finance program in the Philippines, the International Finance Corp. (IFC) has teamed up with China Banking Corp.
In a statement, the IFC said that China Bank is its latest partner in supporting clean energy and energy efficiency projects that help mitigate climate change and ease the cost of power for Filipino households and businesses.
With IFC’s advisory support, the bank aims to develop a stand-alone sustainable energy lending program.
IFC will provide assistance in strategy development, market awareness, monitoring and evaluation, training, deal origination, and other areas.
“We see the value to our clients of increasing lending in this area as the rising cost of electricity dampens the competitiveness of local businesses,” according to Ricardo Chua, China Bank senior executive vice president and chief operating officer.
He added that IFC will help the bank build its in-house capability in this relatively new business line.
Business Mirror
Written by : Published : Tuesday, June 05, 2012 00:00
Since its launch in 2008, IFC’s Sustainable Energy Finance program has developed with bank partners a pipeline of about P4.26 billion in loans to energy efficiency and renewable energy projects.
These projects have reduced energy use by more than 50,000 megawatt hours and generated over 60,000 MWh of clean energy each year, and cut greenhouse-gas emissions by nearly 500,000 tons yearly.
IFC Resident Representative Jesse Ang said that together with its partner banks, the Sustainable Energy Finance program has come a long way in promoting clean energy and the smart use of energy.
“High power rates, increasing demand for electricity, and the Philippines’ vulnerability to climate change underscore the importance of lending to sustainable energy projects,” he added.
Ang also noted that IFC will continue to promote the initiative to help ease the burden of Filipino households and businesses.
The other partners of the program are Bank of the Philippine Islands, Banco de Oro Unibank, and BPI Globe BanKO.
IFC is a member of the World Bank Group and the largest global development institution focused exclusively on the private sector.
It helps developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets.
In fiscal 2011, amid economic uncertainty across the globe, the IFC helped its clients create jobs, strengthen environmental performance, and contribute to their local communities-all while driving its investments to an all-time high of nearly $19 billion. source
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